USDJPY SLIPPING TOWARDS MONTHLY PIVOT POINT

The USDJPY pair has continued to move lower during the European trading session, falling to towards the calculated monthly pivot point, and trading at levels not seen since June 27th this year.

At present, the USDJPY trades just below the 111.50 level, with price action turning further bearish whilst trading below Fibonacci support, at 111.64, which presents the 50% retracement of 114.49 high price to the 108.80 price low.

The USDJPY pair is currently bearish in the short and medium term and risks turning bearish in the long term if price slips below the monthly pivot point, found at the 111.38 level.

Key technical support below the monthly pivot point comes from the 200 week moving average, at 111.22, with the June 22nd swing price low offering further support, at 110.95.

Upside resistance is found at 111.64 level, and the daily pivot point, at 111.93. Above the 111.93 level, the recent USDJPY swing price high, at 112.07 comes into focus.