The US dollar has fallen sharply lower against the Japanese yen after Chinese equity markets plunged lower on Monday, causing a flight into safe-haven currencies. The USDJPY pair remains under pressure and is intraday bearish while price trades below the well-defined rising channel. Sellers will attempt to break the 112.75 support level, while buyers need to move price back inside the rising channel.
The USDJPY pair is intraday bearish while trading below the 113.52 level, key support is found at the 112.75 and 112.35 levels.
If the USDJPY pair moves above the 113.52 level, buyers will likely test towards 113.72 and 114.06 levels.
