USDJPY STRUGGLING WITH THE 112 LEVEL
The USDJPY pair is currently struggling to reclaim the 112 level after earlier staging a tepid 40 pip upside recovery during the European session.
Intraday USDJPY sellers retain control of the pair, as buyers find strong technical resistance from the H4 time frame, 50 period moving average at 112.18.
Downside support for the USDJPY pair remains dominated by two key technical areas. Firstly the H4 time frame 200 period moving average at 111.69 offers strong intraday support.
Below 111.69, traders will then look to the 100 day moving average, which acts as critical intraday support, at 111.46.
To the upside, the 112.18 remains strong resistance for the pair. Above 112.18, traders will look for a monthly price close above the 200 day moving average, located at 112.56.