USDJPY SELLERS TAKE CHARGE BELOW 112.58
The USDJPY pair has fallen sharply during the European trading session, hitting 112.46, as Japanese futures decline and fears over the Catalan crisis move investors into the perceived safety of the Japanese Yen. The pair now trades around the 112.55 level, ahead of the U.S market open, after earlier hitting a nine-day trading high, at 113.14.
USDJPY intraday sellers remain in control while the pair trades below the key 112.58 technical level. Further declines remain likely towards the 112.30 and 111.98 levels. Extended intraday support is found at the 111.79 and 111.64 levels.
If USDJPY sellers fail to defend the 112.58 level during the U.S trading session, intraday buyers will likely push price-action back towards the 112.74 and 112.89 technical resistance levels.