The Japanese yen rose slightly against most major currencies, especially the US dollar, as the focus on the central bank's monetary policy committee meeting continued this week.
At 5:45 am GMT, the USDJPY dropped 0.03% to 111.80, compared to the opening levels at 111.83, after reaching a low of 111.73, while the highest at 111.96.
Technical analysis:
USD / JPY is fluctuating around SMA 50 after testing the support for the bullish intraday channel shown in the picture. As long as the price is below 112.14, our bearish outlook remains effective as breaching it will push the pair to resume the short term uptrend which is at 113.50 .
We note that a break of 111.75 will reinforce expectations of heading towards our main target for the suggested bearish wave at 110.08.
The trading range for today is among the key support at 111.00 and resistance at 112.40
The general trend for today is bearish