USDJPY REJECTED AT MONTHLY PIVOT
The USDJPY is losing bullish momentum, despite continuing to trade at elevated levels around the 111.50 handle, as price-action continues to struggle to find traction above the pairs calculated monthly pivot point, located at 111.65.
Technically the USDJPY remains strongly bullish, after yesterday's tentative daily price close above the pairs 200-day moving average, located at the 111.48 level.
Traders should look to the bullish inverse head and shoulders pattern which is currently in-play, after the recent break above the 110.68 level.
Traders should also note the confluence of higher-time frame moving averages, which extend from the 111.13 level to the current weekly price-high.
Key intraday resistance above the 111.65 level is currently found at 111.86, 112.19 and 112.88.
To the downside, higher time-frame USDJPY technical support is layered between 111.48, 111.28 and 111.13.
Below the 111.13 level, further support is found at 110.86 and 110.68, with the weekly pivot point, found at 110.10.