USDJPY BEARISH BELOW 111.40
The USDJPY has continued to move lower in early Thursday trading, with the pair briefly falling below the 111 level, setting a current intraday price low of 110.95.
Near term weakness in the USDJPY appears to be driven by a weakening U.S dollar, and softer Japanese equities. The pair has recently been struggling to hold onto gains towards the top end of the 111.80 range.
Technically the USDJPY remains bearish in the short and medium term, with the pair now needing to trade clearly above the daily calculated pivot point at 111.40 to negate intraday selling pressure.
Short term resistance is located at 111.20, and then the H1 time frame 50 period moving average at 111.30.
To the downside, should price move under the 110.80 level, further selling may be seen towards the daily time frame 20 period moving average at 110.55, and then slightly lower, the weekly calculated pivot point, at 110.37.