USDJPY TESTING NECKLINE RESISTANCE
The US dollar is once again correcting higher against the Japanese yen currency, as market sentiment continues to improve on Wednesday. The USDJPY is testing towards the neckline of a bullish inverted head and shoulders pattern, which could potentially take the pair above the 113.00 level. The release of the FOMC Meeting Minutes later today is likely to be the key intraday driver for the US dollar.
The USDJPY pair is intraday bullish while trading above the 112.55 level, key resistance is now found at the 112.90 and 113.20 levels.
If the USDJPY pair trades below the 112.00 level, sellers may test towards 111.60 and 111.10 support levels.