The U.S dollar has started to trade on the back-foot against the Japanese yen currency on Tuesday, slipping back below key support. A failure to hold price action above the 112.80 level, has created a bearish higher-low, and added to medium-term selling pressure on the USDJPY pair. Financial markets are currently lacking liquidity and holding in narrow-ranges, ahead of the Thanksgiving holiday on Thursday and the release of U.S Federal Open Market Committee Meeting Minutes on Wednesday.
The USDJPY pair remains bearish on an intraday basis while trading below the 112.47 technical level. Further losses towards the 112.20and 111.88 levels look increasingly likely.
Should the USDJPY pair trade back above the 112.47 technical level, buyers will likely push price-action back towards the 112.80 and 113.07 resistance levels.