The pair maintain a strong bearish trend, immediate support around 111.90/112.00 and follow by 111.60/70, 111.50 is critical level on the downside, break below would lead to further decline.
The USDJPY bounces to the downside as expected from the 55 day EMA. The pair may now consolidate in between the 55 day EMA at the 112.70 and the 200 day EMA at the 111.71 level.
The pair is ranging between 111.60 to 111.05 while risk remains on the downside. I'm expecting further decline if Usd/Jpy breaks out the range towards 111.00 level.
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