The old 112.50 level has had yet another say as support
Some levels are quite remarkable and the 112.50 is one of them. It's been a level that doesn't look like much, isn't surrounded by tons of tech indicators, yet it's had a say in the price action frequently going back to late last year, and we've seen it having an effect today.
USDJPY 15m chart
We'll forgive the 4 pip dip under 112.50 today, the level has been supportive. If we are to see it push further away it needs to get through resistance at 112.85/90, then 112.95/113.00. If a base is built back above 113.00 then 113.15/20 is next followed by the strong resistance following the FOMC drop, at 113.50/55.
