USDJPY TRADERS ON THE SIDELINE
The USDJPY pair is struggling to find a directional bias and remains confined within tight trading ranges between 111.30 and 111.40 amid subdued trading action on Monday.
Foreign exchange traders remain on the sidelines and cautious about taking any fresh trading positions amid holiday thinned liquidity conditions, with the UK and the US markets closed in observance of the Spring Bank Holiday and Memorial Day, respectively.
Short term indicators suggest the pair currently has a bearish to neutral trading bias, with 111.22 acting as the main support protecting further USDJPY downside.
The daily chart points to the 50 period moving average at 111.20, as the most significant support level for the USDJPY pair this week. A series of daily trading closes below 111.20 expose downside selling pressures towards 110.20 and 109.30 trendline support.