USDJPY STILL BEARISH BELOW 111.70 LEVEL
The U.S dollar remains intraday bearish against the Japanese yen, after another failed attempt at the pair 200-day moving average, at 111.69. The USDJPY pair currently trades around the 111.50 level, as price-action is caught between daily support and resistance. Yesterday the USDJPY pair received a boost, after U.S Consumer Confidence figures helped lift the US dollar, after posting the best set of numbers since December 2000.
The USDJPY pair is likely to remain under pressure while trading below the 111.70 technical level. Any upside attempts above 111.70 may trigger further buying towards the 112.20 level.
Should price action decline back below the 111.34 level, sellers will look to test back towards the 110.83 level, with extended daily USDJPY support at the 110.60 level.