USDJPY was trading in a symmetrical triangle for the last two weeks, though the pair makes a failed attempt on Friday to break the upside after the US NFP release. The pair yesterday broke the rising trend line of the symmetrical triangle and hit 2-week lows at 111.98 but quickly rebounded to retest the triangle.
USD/JPY is currently trading around 112.44 and made an intraday high at 112.57. The pair remains under pressure ahead of the release of the FOMC minutes later today. We are expecting further downside if the resistance around 112.82 keep intact today after the release of FOMC minutes.
Support: 112.20, 111.98, 111.50 & 111.00
Resistance: 112.82, 113.25 & 113.60.
Trading Scenario:
Timeframe: Short term
Sell at 112.50 with SL above: 112.85 & TP: 112.20/112.00.