USDJPY CONTINUES TO SLIP LOWER
The USDJPY pair has continued to slip lower in the European session, moving below critical intraday support, and falling to a current daily price low of 111.07, with USDJPY sellers now looking to target below the 111 level.
In the coming U.S session May existing home sales from the United States headline the economic calendar, with the direction of stocks and the U.S dollar index likely to influence the USDJPY pair.
Technically the USDJPY remains strongly bearish in the short term, selling pressure will likely continue whilst the pair trading below the 111.27 area.
A series of higher time frame price closes above the 111.45 resistance level are now needed to relieve medium term USDJPY selling pressures.
The downside for pair appears relatively straight forward once clearly trading below the 111 level. A loss of the 111 area will likely provoke USDJPY selling towards the daily time frame 20 period moving average, currently located at 110.53.