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USD/JPY is under pressure. The pair is consolidating below its 50-period moving average, which is playing a resistance role. Additionally, 111.75 represents a significant key resistance level, which should limit the upside potential. The relative strength index is below its neutrality level at 50 and lacks upward momentum.
As long as 111.75 holds on the upside, look for a further drop toward 110.55. A break below this level would call for a further decline toward 110.05.
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 110.55. A break below this target will move the pair further downwards to 110.05. 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: 110.55, 110.05, and 110.65
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