April 30, OctaFX – In this USDJPY analysis, the US dollar is back under pressure against the Japanese yen currency on Tuesday after the pair found strong resistance from the 111.88 level.
USDJPY technical analysis
The sentiment towards the USDJPY pair is intraday bearish while price trades below the 111.60 technical level. If sellers can move price under the 111.40 level they will trigger a head and shoulders pattern with a downside projection of fifty points.
The USDJPY pair is bearish while trading below the 111.60, key intraday support is found at the 111.40 and 110.90 levels.
If the USDJPY pair trades above the 111.60 level, key intraday resistance remains at the 111.88 and 112.00 levels.
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