The U.S dollar has moved sharply lower against the Japanese yen, crashing below its 200-day moving average, reaching 111.11, following weaker U.S data and a more dovish than expected FOMC Meeting Minutes. Price-action currently trades around the 111.30 region in early Thursday trading, which is still some way below the USDJPY 200-day moving average, which is currently located at the key 111.72 level. Trading volumes are likely to remain fairly light today, despite the downside break in the pair, as North America observes Thanksgiving holidays.
The USDJPY pair is expected to remain under selling pressure while trading below the 111.72 level, further losses towards the 110.80 and 110 level seems attainable.
Should the USDJPY pair move back above the 111.72 level, further upside towards the 112.09 resistance level would seem likely.
