USDJPY RALLY FADES
The recent USDJPY upside rally towards 113.68 has faded, as geo-political risks intensify with North Korea and America, ahead of the key G20 meeting, being held in Germany on Friday.
At present, the USDJPY pair has moved below the H4 time frame 20 period moving average, at 113.14, and trades just above the 113 level.
The daily calculated pivot point for the USDJPY pair is found at 113.13, with the M5 time frame 200 period average sitting at 113.22.
Below the 113 level, the 200 period moving average offers critical support 112.75. The H4 time frame 50 period moving average offers further support at 112.48.
To the upside, the pair retains a short term bullish bias only whilst trading back above the 113.22 level. The recent price high offers strong resistance at 113.68, as does the key Fibonacci level, 114.10.