The U.S dollar has moved lower against the Japanese Yen, as the greenback retraces to key support, and investors seek further details from the Trump administrations proposed tax reforms.
Today’s intraday trading sentiment surrounding the USDJPY is currently bearish, as buying momentum wanes, and the pair fails to trade back above the former weekly price-high, located at the 112.71 level.
With a lack of economic data on the U.S docket, the focus during the U.S session will turn to end of month price-flows and the weekly price close on the USDJPY pair.
Last week the USDJPY closed price above its 200-week moving average, at 111.69, for the first time in 8-weeks. Traders will pay close attention to a bullish, second consecutive weekly price closes above the pairs 200-week MA.
To the downside, key intraday technical resistance is found at the current daily price-low, at 112.27 and the pairs weekly pivot point, at 111.90. Below 111.90, the pair fast approached its 200-week and 200-day moving averages, at 111.69 and 111.46.
Intraday resistance is clearly defined for the USDJPY pair, at 112.71, once above the former weekly high, further bullishness may be seen towards 113.00 and 113.25.
