USDJPY consolidating around 112.00
The US dollar is consolidating around the 112.00 level against the Japanese currency, with the pair failing to react to better than expected Chinese GDP figures earlier today. If bulls are unable to ignite the bullish inverted head and shoulders pattern the USDJPY pair could slip back towards the 111.60 support level. If bulls break through the 112.00 level, major weekly resistance for the pair is located around the 113.20 level.
The USDJPY pair is bullish while trading above the 111.60, key intraday resistance is found at the 112.00 and 113.20 levels.
If the USDJPY pair fails at current levels, key intraday support is found at the 111.80 and 111.60 levels.