USDJPY STRUGGLING TO OVERCOME 200 DAY MOVING AVERAGE BARRIER
The USDJPY pair is currently struggling to overcome the H1 200-period moving average at 110.46, with a number of failed attempts in the European session.
With a lack of economic data in the U.S session, the USDJPY pair is being driven by U.S stocks and Treasury yields, as financial markets head into the weekly close.
Price is currently creating a series of lower trading high's around the 110.40, with the H4 50 period moving average at 110.43 also capping the upside for the USDJPY.
At present the pair is losing buying momentum, the price will need to surpass the 110.46 level on a higher time frame basis, or face further selling rejection towards 110.
To the upside, 110.90 to 111.22 currently provide the strongest intraday points of near-term resistance for the pair, with support currently located at 110.30 and 110.09.