USDJPY RISKS REMAIN TO THE DOWNSIDE
The US dollar is pushing higher against the Japanese yen currency after the FOMC Meeting Minutes revealed the FED are still on course for a September rate hike. Risks remain to the downside for the USDJPY pair, as ongoing global trade tensions and US political woes are still unresolved. The MACD indicator across the four-hour time frame is also suggesting the next large directional move is about to occur.
The USDJPY pair is intraday bullish while trading above the 110.55 level, key resistance is found at the 111.00 and 111.47 levels.
If the USDJPY pair trades below the 110.55 level, sellers will likely test towards the 109.80 and 109.00 support levels.