The USDJPY pair has pulled back to test intraday buying demand around the 112 level, after earlier reaching 112.53 in the Asian session and failing to push price-action above the former weekly price-high, located at 112.71.
On Friday, the USDJPY pair managed to close the weekly price-bar above its 200-week moving average, which marked the first bullish weekly close above the 200-week MA, since July 9th this year.
Going forward, the pair retains a bullish bias whilst trading above its monthly pivot point, at 111.65 and 200-week moving average, at 111.64. Traders should also watch the pairs 200-day moving average, currently located at 111.45.
Key intraday technical support is found at the pairs 100-hour moving average, at 111.98 and weekly pivot point, at 111.90.
To the upside, intraday USDJPY resistance is located at 112.19, 112.57 and 112.71. Above 112.71, further weekly resistance is found at 113.20 and 113.88.
