The US dollar
has fallen back towards its weekly pivot point
against the Japanese yen currency after buyers failed to move price above the 112.00 level. The move lower is currently seen as a technical correction, as bulls have been able to maintain the USDJPY
pair above the pivotal 111.68 level. The inverted head and shoulders
pattern on the four-hour time frame remains valid while price trades above the 110.30 level.
pair is intraday bullish
while trading above the 111.68, key intraday resistance is found at the 112.00 and 113.20 levels.
If the USDJPY
pair trades below the 111.68 level, key intraday support is found at the 111.30 and 110.90 levels.