The US dollar is under slight downside pressure against the Japanese yen on Thursday, with sellers testing towards the pivotal 111.60 level. If USDJPY sellers hold price below the 111.60 level, further intraday losses towards the 111.10 level are expected. Traders should note that the recent move lower has invalidated the bullish inverted head and shoulders pattern on the one-hour time frame.
The USDJPY pair is only intraday bullish while trading above the 111.60 level, key technical resistance is found at the 112.00 and 112.20 levels.
If the USDJPY pair trades below the 111.60 level, sellers are expected to test towards the 111.10 and 110.70 support levels.
