USDJPY TECHNICALLY BEARISH BELOW 112.40 LEVEL
The greenback continues to retreat against the Japanese yen currency, as the U.S dollar index crashes to its lowest trading level in over three-months. The USDJPY currently trades around the 112.50 mark, and risks turning technically bearish below the pairs 100-day moving average, located at the 112.40 level. Heading into the last trading session of 2017, the U.S dollar is set for its worst yearly loss since 2003, despite the Federal Reserve raising U.S interest rates and the overall U.S economy improving.
The USDJPY pair is likely to encounter further losses below the 112.40 level, sellers will likely now target towards the 112.30 and 112.03 levels.
Should the USDJPY pair find intraday buying interest above the 112.40 leve, upside resistance is found at the 112.70 and 113.10 levels.