The US dollar is coming under pressure against the Japanese yen currency following a fake technical breakout above the 112.00 level. The intraday sentiment towards the USDJPY pair remains bearish while price trades below the 111.60 support level. Overall, the next large directional move in the USDJPY is likely to come after the release of first quarter GDP from the US economy later today.
The USDJPY pair is only bullish while trading above the 111.60, key intraday resistance is found at the 112.00 and 112.40 levels. If the USDJPY pair trades below the 111.60 level, key intraday support remains at the 111.30 and 111.10 levels.