USDJPY losing momentum

The US dollar is losing bullish momentum against the Japanese currency on Friday as buyers fail to ignite the large inverted head and shoulders pattern. Technical indicators on the four-hour time frame are also starting to trend lower as momentum fades. Continued failure around the 112.00 resistance level could provoke a technical correction towards the 111.59 support level.

• The USDJPY pair is bullish while trading above the 111.90, key intraday resistance is found at the 112.55 and 113.20 levels.

• If the USDJPY pair trades below the 111.90 level, key intraday support is found at the 111.60 and 111.10 levels.