USDJPY SLIPS BELOW KEY SUPPORT
The USDJPY pair has slipped below the support, at 112.71, with today's pullback driven by a move lower in the U.S dollar index and a bearish double-top pattern formation, on the lower time-frame price-charts.
On an intraday basis, the sentiment surrounding the USDJPY pair is bearish below the 112.71 level, with a deeper technical pullback expected while trading below this key support level.
Traders will now look to the U.S trading session, where we see the release of the latest revision of second quarter United States Gross domestic product.
The U.S dollar index is also likely to dominate the intraday trend on the USDJPY pair, especially the 93.00 level on the U.S dollar index and the index's key 200-week moving average, at 92.82.
Key intraday technical support is found at the pairs 50-hour moving average, at 112.60, and the recent pullback low, at 112.38. Below 112.38, further support is found at 112.20 and the USDJPY weekly pivot, at 111.90.
To the upside, key intraday resistance is found at 112.70-79, with further technical resistance above 112.79 located at 113.02, 113.25 and 113.57.