USDJPY is being dragged down by the yen buying
It's the tale of the big figures today. Just as the euro is hovering around 1.0500, USDJPY is hovering around 113.00. There doesn't look to be any real appetite in taking the level on and the yen crosses have taken their feet off the selling peddle for now. That's a pattern we've seen recently, where yen selling peters out into the US session.
USDJPY H4 chart
113.00 is a decent level in itself but I'll bang the same drum I do whenever we're down here and highlight the 112.50 level as the next big support point. Expect there to be traffic on the way at 112.80 and 112.70/75, should we move under 113.00.
113.20, 113.35/40 and 113.60 are the immediate resistance levels.
