USDJPY DROPS ON U.S POLITICAL RISKS
The USDJPY pair has dropped sharply from the 114.40 level, and has moved towards the H1 time frame, 200 period moving average at 113.30. U.S political risks intensified during yesterday's U.S session, following the release of emails related to Donald Trump Juniors meeting last year a with Russian lawyer.
Further pressure was put on the U.S dollar, as FOMC voting members Lael Brainard and Patrick Harker, delivered dovish speeches on the economy, striking a more cautious tone towards future U.S interest rate increases.
The USDJPY pair remains bearish in the short term whilst trading below the 113.89 level, in the medium term the pair remains bullish whilst trading above the weekly pivot point, found at 113.35.
USDJPY intraday resistance is located between the 113.81 to 113.89 region, further resistance is found at the daily pivot, at 114.06.
Key technical support for the USDJPY pair is located at the 113.30 to 113.35 region, which represents the H1 time frame, 200 period moving average and the weekly pivot point.
Critical USDJPY intraday support is found at the daily time frame, 200 period moving average, at 112.83.