REPEATED FAILURE AT 110.79 WEIGHS ON USDJPY
The USDJPY pair is currently lacking an intraday direction bias, after a series of price rejections from the critical 110.79 resistance area, which is helping to cap bullish trading momentum.
After setting a weekly price high at the 110.98 level, which also represents the H4 time frame 50 period moving average, the USDJPY has slipped back to test buying demand in the 110.50 region.
The USDJPY remains bearish on all time frames, and has recently slipped below Thursday's calculated daily pivot point, located at 110.67.
On an intraday basis, technical support for the USDJPY pair is found at the weekly time frame 50 period moving average at 110.44, and the monthly time frame 20 period moving average, at 110.12.
Looking at the USDJPY upside, a series of higher time frame price close above the 110.78 level, holds the key for further bullish advancement towards the 111.05 and 111.38 resistance levels.