USDJPY TUMBLES TOWARDS 112

The USDJPY pair has moved to a two week trading low, briefly falling under the 112 level, as the new Trump administration healthcare bill failed to pass through U.S Congress, causing a major sell-off in the greenback.

Traders have sold stocks during the Asian, and moved into the Japanese Yen currency, accelerating USDJPY losses, as concerns surface about the Trump administrations ability to pass through further tax and spending reforms.

The USDJPY pair remains strongly bearish in the short and medium term, and risks extending downside losses towards the 111.40 region.

Key downside support below the 112 level is found at the H4 time frame, 200 period moving average, at 111.75. Further support is found at the weekly time frame 100 period moving average, at 111.40.

Key technical resistance is found at the 112.30 level, and then the M5 time frame 200 period moving average, at 112.50.

Further intraday resistance is found at the 200 day moving average, at 112.88.