The U.S dollar continues to trade on the backfoot against the Japanese Yen, with price-action so far finding interim daily support around the 113.50 level. Intraday weakness in the U.S dollar index, due to U.S political uncertainty, is currently supportive of selling in the USDJPY pair. Investors await the upcoming release of CORE PCE data from the United States, and the Bank of Japan’s monetary policy decision in the early hours of Tuesday morning.
The USDJPY pair remains intraday bearish while trading below the key 113.89 technical level. Further losses are increasingly likely while trading below the 113.89 level, with sellers targeting the 113.33 and 112.90 downside levels.
Should price-action trade above the 113.90 level for an extended period, further intraday USDJPY buying towards the 114.24 and 114.50 technical levels should be expected.
