USDJPY DRIFTING LOWER
Sellers are regaining control of the USDJPY pair, as price action continues to drift lower in early Tuesday trading. USDJPY buyers have struggled to close price above the key 110.79 technical level on a higher time frame basis.
At present, the USDJPY pair is finding strong intraday support from the calculated weekly pivot point, located at the 110.53 level.
The USDJPY pair remains bearish in the short, medium and long term, and needs to close above the 111.32 level on a daily basis to change the medium term bearish sentiment surrounding the pair.
Key technical resistance is found at 110.79, the former weekly price high at 111.05, and the weekly time frame 100 period moving average, at 111.32.
Key technical support is found at the 38.2 Fibonacci retracement of last week's trading range, at 110.32. Whilst critical USDJPY support is found 23.6 Fibonacci of last week's trading range, at 110.13.
Below the 110 level, the 109.80 level sits as the most relevant support before the 109.30 and 108.80 support levels.