The USDJPY pair has fallen towards the lower-end of its recent trading range, hitting 112.27, as the U.S dollar index starts to slip lower across the board and U.S bond yield come under selling pressure.
Today’s trading sentiment surrounding the USDJPY pair remains neutral, as the pair continues to hold its 10-day trading range between 113.43 and 112.25.
Traders are likely to see the USDJPY pair moving in increasingly tight range-bound trading conditions until a clear market moving catalyst emerges.
Going forward, the USDJPY pair has now recovered price-action towards the 112.45 region, and may proceed to test the upper boundaries of its current range if the pair can break above the 112.64 level.
Key intraday USDJPY support is found at the 112.25 level, and the pairs 50-week moving average at 112.02. Once below 112.03, further key support is found at the 111.89 level, and the pairs crucial 200-week moving average at 111.74.
To the upside, key intraday resistance is found at 112.50 and the pairs daily pivot point, at 112.64. Further technical support is found at the weekly pivot point, at 112.80 and the key 113 level.
