USDJPY BATTLING TO STAY ABOVE 112 LEVEL
The USDJPY pair has bounced from the daily time frame, 50 period moving average, at 111.68, and continues to battle with U.S dollar sellers to stay above the 112 level, as the European trading session gets underway.
During Wednesday trading, the U.S economic calendar remains light on market moving data, however as we approach Thursday we have the Bank of Japan interest rate decision, monetary policy statement and press conference with BOJ Governor Haruhiko Kuroda speaking.
Having bounced strongly from the 111.68, the USDJPY pair now trades above the M5 time frame 200 period moving average, found at 112, indicating short term USDJPY strength.
Key technical support is found at 111.96, the H4 time frame 200 period moving average at 111.77, and the 50 percent Fibonacci retracement of the 114.49 price high to the 108.81 trading low, found at 111.68.
Key USDJPY technical resistance is found at 112.30 level, and then the H1 time frame 100 period moving average, at 112.61.
The calculated weekly USDJPY pivot point is found at the 113.10 level.