With a strong fundamental release for the US Dollar last week, USDJPY managed to raise till strong support changed resistance at 112.00. Start of this week was quite dull as there was no big impact but bearish reversal is seen at 112.00 region. The USD/JPY pair traded with a mild negative bias through the Asian session on Tuesday, albeit remained well within the previous session’s narrow trading range.

The pair continued with its struggle to sustain/build on the momentum beyond the 112.00 handle, with a combination of factors contributing to sideways consolidated price action for the second consecutive session on Tuesday.

Bearish momentum is expected as it is seen forming Double Top formation with March high. The pair is expected to fall to the next support at 111.000 and further till 110.500. On the other side, if the bulls take control over the market after the breakthrough above 112.150, it may have a strong bullish momentum targeting 113.500.

USDJPY TODAY:
Daily open: 112.034
Daily Last high: 112.046
Daily Last Low: 111.845
Daily current growth: -0.10%