The US dollar continues to trade to the downside against the Japanese yen as heightened risk-off trading sentiment supports a flight into the safety of the Japanese yen currency. The MACD indicator on the daily time frame is trending lower, signalling further losses for the USDJPY pair. Sellers need to break the 112.00 support level, while buyers need to close price above the 112.55 resistance level.
The USDJPY pair is strongly bearish while trading below the 112.55 level, key support found at the 112.00 and 111.60 levels.
If the USDJPY pair trades above the 112.55 level, buyers are likely to test towards 112.80 and 113.45 resistance levels.
