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USD/JPY is under pressure as the key resistance is at 111.75. The technical picture of the pair remains negative below its key resistance at 111.75, which should limit the upside potential. The relative strength index is above its neutrality level at 50 but lacks upward momentum. The declining 50-period moving average is playing a resistance role.
As long as 111.75 is not broken, the pair is likely to return to its previous low at 110.35. A break below this level would call for a further downside toward 109.80.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 110.35. A break below this target will move the pair further downwards to 109.80. The pivot point stands at 111.75. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 112.25 and the second one at 112.90.
Resistance levels: 112.25, 112.90, and 113.50
Support levels: 110.35, 109.80, and 109.30
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