Technical Analysis

USDJPY Still Bearish Below 112.70 Level


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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