USDJPY testing weekly pivot
The US dollar has fallen back towards its weekly pivot point against the Japanese yen currency after buyers failed to move price above the 112.00 level. The move lower is currently seen as a technical correction, as bulls have been able to maintain the USDJPY pair above the pivotal 111.68 level. The inverted head and shoulders pattern on the four-hour time frame remains valid while price trades above the 110.30 level.
The USDJPY pair is intraday bullish while trading above the 111.68, key intraday resistance is found at the 112.00 and 113.20 levels.
If the USDJPY pair trades below the 111.68 level, key intraday support is found at the 111.30 and 110.90 levels.