I seldom trade or post USD trades, but the pair is at an interesting point and bulls managed to close the pair above the 110.40 handle. This is an area that served as a pivot between 15 Jan and 2 Feb. The next resistance is at 112.00 which is the intersection of ascending channel resistance and also served as support throughout December 2017 and again on 2 Jan 2018. A retest of this level as new resistance may attract selling pressure. Should bulls fail to close above 110.40 on a Daily basis, we could see the pair drop towards channel support near 110.00.

USDJPY: 110.40 HOLDS THE KEY TO A RETEST OF 112.00

Source: MARYNA MURRAY

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