Technical Analysis

USDJPY Still Bearish Below 112.70 Level

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The U.S dollar remains mixed against the Japanese yen, with the pair moving higher on the day, but failing to move above the 112.70 resistance zone. The USDJPY pair received a boost during the Asian trading session, with strong Japanese trade data and rising global stock markets underpinning risk-on sentiment. During the European session, the pair has turned modestly lower, as the U.S dollar index starts to come under pressure after a strong weekly price-close. Traders now await the Bank of Japan interest rates decision, and a raft of high-impacting macroeconomic data from the United States this week.

The USDJPY pair remains bearish while trading below the 112.70 technical level, price-action may decline back towards the 112.40 and 112 support levels.

Should price-action start to move above the 112.70 technical level, buyers may push price-action towards the 113.10 resistance levels. Extended USDJPY resistance is found at the 113.40 and 113.73 levels.

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