USDJPY WATCHING BEARISH DIVERGENCE
The US dollar continues to trade towards the 114.00 level against the Japanese yen as the US dollar index climbs towards it’s highest trading level in nearly three weeks. Bearish MACD divergence can be seen on the lower time frames as the USDJPY pair starts to move into overbought territory. Buyers will likely aim for the 114.43 level, while sellers will look for signs of price exhaustion at current levels.
The USDJPY pair is bullish while trading above the 113.17 level, key resistance is now found at the 114.00 and 114.43 levels.
If the USDJPY pair moves below the 113.17 level, key support is found at the 112.92 and 112.56 levels.