USD/JPY Price Analysis: Back below 111.00, Wednesday's close pivotal

• Yen is pushing higher as the US stock futures are losing altitude. 
• Tuesday's Doji candle has made Wednesday's close pivotal. 

The anti-risk Japanese yen is drawing bids and pushing the USD/JPY lower amid losses in the US stock futures. 

At press time, USD/JPY is trading at session lows near 110.85, having hit a high of 11.54 in early Asia, while the futures tied to the S&P 500 are shedding over 1%. 

The immediate outlook remains neutral with the pair trading well within the range of Tuesday's Doji candle, which occurs when prices swing both ways and end the day on a flat note. 

A bearish reversal Doji pattern would be confirmed if the spot closes Wednesday under Tuesday's low of 110.08. Alternatively, a move above Tuesday's high of 111.71 would imply a continuation of the rally from the March 9 low of 101.18. 

The Doji has appeared following a notable rally, meaning the indecision is predominantly among the bulls. To put it another way, the Doji candle is reflective of buyer exhaustion. As a result, the prospects of a bearish close look strong. 

Daily chart

Trend: Neutral

Technical levels