USDJPY SELLERS IN CONTROL BELOW 112.84
The USDJPY is turning increasingly bearish, as U.S dollar selling pressure continues to gather pace, after Friday's sell-off due to weak economic data from the United States.
During the European session, the USDJPY pair managed only a tepid rebound to 112.78, falling short of the 200 day moving average, at 112.84, and running into considerable selling interest, as the pair slides lower to 112.40.
The USDJPY has turned bearish in the short and medium term, with traders now looking for daily closes below 200 day moving average, for further bearish trading confirmation.
Key technical support below 112.40 is found at the 24th May price high, at 112.11, and the H4 time frame 200 period average at 111.71. Further support is found at the calculated monthly pivot point, at 111.30.
To the upside, technical resistance is found at the daily pivot point at 112.76, and the 200 day moving average at 112.84. Above the 200 day moving average, further resistance is found at the M30 time frame, 200 period moving average at 113.23.