USDJPY TESTS 200 WEEK MA
The U.S dollar has fallen below key support against the Japanese Yen, hitting 111.66, as technical selling intensifies after the USDJPY pair broke below the lower-end of its recent trading range.
Intraday trading sentiment surrounding the USDJPY pair is currently bearish, with further declines likely whilst price-action continues to trade below the 111.98 level.
On Friday, the USDJPY declined after softer than expected U.S CPI figures, with price reaching 111.68. Price-action continues to suggest further losses, as the pair prints bearish lower daily time-frame candles.
Going forward, traders will look for multiple daily price-closes beneath the pairs 200-week moving average, at 111.79, and the pairs 200-day moving average, located at the 111.40 level.
Key technical support for USDJPY pair is located at 111.79 and 111.66. Further support is found at 111.40, and the pairs monthly pivot point, at 111.03.
To the upside, key intraday resistance is found at 111.98 and the pairs weekly pivot point, at 112.12. Further technical resistance is found at the pairs weekly pivot point, at 112.31, and the former swing high, at 112.57.