USDJPY NOW STARTING TO TURN BEARISH
The US dollar remains under pressure against the Japanese yen, as buyers continue to struggle to move the price back above the 111.00 resistance level. The MACD indicator across the four-hour time frame is starting to trend down, pointing to further intraday softness in the USDJPY pair. Sellers will look to break the 110.10 support level, while buyers need to maintain the price above the 111.37 level.
The USDJPY pair is intraday bearish while trading below the 110.55 level, key support is found at the 110.10 and 109.56 levels.
If the USDJPY pair trades above the 111.37 level, buyers will likely test towards the 111.80 and 112.05 resistance levels.