December 5, OctaFX – The US dollar continues to trade below the 113.00 level against the Japanese yen, with the risk-sensitive pair earlier tumbling to a two-week trading low.
Buyers need to move price above the 113.15 resistance level to negate short-term bearish pressures. A clear breach of the 112.30 support level exposes the USDJPY pair to further heavy technical selling towards the October trading low.
USDJPY technical outlook
- The USDJPY pair is strongly bearish while trading below the 112.90 level, key support is found at the 112.30 and 111.50 levels.
- If the USDJPY pair moves above the 112.90 level, further upside towards the 113.15 and 113.80 levels remains possible.
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