USDJPY POTENTIAL BULLISH PATTERN FORMING
The US dollar has moved above the 112.00 resistance level against the Japanese yen currency, as global equity markets recover higher on Tuesday. The USDJPY pair retains a bullish intraday bias while trading above the 111.80 level, while the MACD indicator continues to recover from oversold trading conditions. A potential inverted head and shoulders pattern may also be forming across the lower time frames.
The USDJPY pair is intraday bullish while trading above the 111.80 level, key resistance found at the 112.55 and 113.00 levels.
If the USDJPY pair trades below the 111.80 level, key intraday support is found at the 111.60 and 111.10 levels.