USDJPY BACK BELOW MONTHLY PIVOT POINT
The USDJPY pair has fallen back towards the 111 level, following weaker than expected tech company earnings, provoking steep declines in the NASDAQ composite and the NIKKIE225 stock indexes.
Ahead of the release of United States second quarter GDP report, the USDJPY pair remains capped by the weekly time frame, 200 period moving average, currently located at the 111.29 level.
The USDJPY pair is currently bearish on all time frames, trading below the daily, weekly, and monthly pivot points.
Intraday USDJPY resistance is found at the 111.29 and the 111.38 levels, with the weekly pivot point offering further resistance at 111.68. Above 111.68, the H4 time frame, 200 moving average is located at 112.06.
To the downside, a clear move below the 110.79 level should accelerate selling pressures towards the 110.58 level.
Below the 110.58 level, the weekly time frame 50 period moving average comes into focus, at 110.25.