The US dollar is starting to correct lower against the Japanese yen currency on Monday after buyers failed to move price above the 112.00 resistance level. Technical indicators across the four-hour time frame are also starting to correct from overbought conditions. The overall weekly bullish bias towards the USDJPY pair will remain in place while price trades above the 110.90 level.
If the USDJPY pair falls below the 110.90 level, key technical support is located at the 110.66 and 110.40 level.
If the USDJPY pair trades above the 111.60 level, buyers may test towards the 112.00 and 112.20 levels.
