USDJPY FINDS SELLERS AT 111.78

The USDJPY pair has declined from the 111.78 level in the European session, with USDJPY finding intraday support in the 111.45 region, with U.S dollar dip buying still being seen.

With a lack of U.S economic data today, the pair will likely be driven by the overall direction of the stock market and the U.S dollar index. 

Technically the pair remains bullish in the medium term, with a neutral trading bias in the short term.

Downside support is currently located at the recent swing price low at 111.45, with the 111.20 area below becoming former resistance now turned support.

H4 time frame indicators suggest the USDJPY is increasingly bullish, with the pair now approaching critical upside levels.

An advancement past the May 24th swing high at 112.02 should accelerate buying interest towards the 112.50-60 area.

A failure to surpass the 112.02 level may lead to a sizeable price rejection towards the H4 time frame 20 period moving average, currently located at 111.02.