USDJPY testing weekly pivot
The US dollar is testing back towards its key weekly pivot point against the Japanese yen currency, as the greenback slips lower on Monday. The USDJPY pair will likely come under increasing technical selling pressure below the 111.45 level, with major trendline support located just below. Bulls need to force price the pairs former weekly trading high to encourage fresh buying interest.
The USDJPY pair is only bullish while trading above the 111.60 level, key resistance is found at the 111.80 and 112.15 levels.
If the USDJPY pair trades below the 111.45 level, sellers may test towards the 111.30 and 110.90 support levels.