USD/JPY: bears taking control in risk-off markets

Currently, USD/JPY is trading at 111.86, up 0.10% on the day, having posted a daily high at 111.89 and low at 111.65.

Trump's policy update - Nomura

USD/JPY has been wearing the brunt of the risk-off phase the markets are in currently with the uncertainty over Trump's presidency and the scrutiny he is under following the recent fall-out within the court system and the White House. Stocks have dropped back below previous positive sentiment highs and investors are taking to traditional safe haven instruments such as government debt driving the dollar lower with the DXY looking fragile below the 100 psychological mark. 

Yen: below last week’s highs at the upper end of its multi-month range - Scotiabank

USD/JPY levels

Analysts at Commerzbank explained that iInitial resistance lies at 115.33 (imoku 2) and said that this will need to be regained in order to alleviate downside pressure and reintroduce scope to key short-term resistance offered by the 16 month resistance line at 118.21. to the downside, 111.98 would trigger losses to the base of the cloud, which lies at 109.92 "If seen, we look for this to hold (this is also the 50% retracement of the move up from November)."