The USDJPY pair moved to its highest trading level since July 27th during the pre-European session market open, hitting 111.87, as large stop-loss orders were triggered above the pairs monthly pivot point.
Price-action has now softened, with the pair turning lower to test intraday buying demand back towards the USDJPY key 200-day moving average, currently located at the key 111.47 level.
Going forward, today’s daily price-close will be critical, with USDJPY buyers looking for a second daily candle to close above the pairs 200-day moving average.
Key intraday resistance is found at 111.65, the current daily price-high at 111.87 and the July 26th swing-price high, at 112.19.
To the downside, key technical support below the 111.47 level is found at 111.37, and the 100-week moving average, at 111.13.
Below 111.13, further support is found at 110.84, 110.68 and the pairs weekly pivot point, at 110.10.
