USDJPY MOVES BACK INSIDE HEAD AND SHOULDERS
The US dollar has moved back above the 111.00 level against the Japanese yen on Tuesday after the Turkish central bank provided additional measures to assist the Turkish lira from falling. The USDJPY pair now trades back inside the bearish head and shoulders pattern, after moving above neckline resistance at 110.55. The overall market sentiment is starting to improve now, which supports traders buying riskier asset classes.
The USDJPY pair is only bearish while trading below the 110.55 level, key support is now found at the 110.10 and 109.56 levels.
If the USDJPY pair trades above the 111.10 level, buyers may test towards the 111.37 and 111.55 resistance levels.