USDJPY SUBDUED BELOW 111.40

The USDJPY pair is currently experiencing subdued trading conditions, unable to break above the 112 level for a sustained period, but also unable to find sellers below the 111 level.

A defiant North Korean missile launch earlier today is also keeping the pair contained, with risk-off sentiment helping Japanese Yen buying demand.

The M5 chart highlights the current bearish trading sentiment towards the USDJPY pair. Only a break above 111.40 can help improve current trading sentiment, with further losses expected towards 111.22 and 111 whilst the pair trades below the 111.40 level.

The H4 chart again shows the importance of the 111.40 area, with the pair vulnerable to more losses towards 110.

The pair also trades below all major H4 moving average support levels.

It should also be noted that the USDJPY pair has a sequence of bullish higher price low's in place, with 110.23 the key level buyers need to defend.