USDJPY STILL BEARISH BELOW 113.15 LEVEL

The US dollar has staged a strong recovery higher against the Japanese yen, amidst news that the US and Chinese governments are embarking on a fresh round of trade talks. The USDJPY pair remains bearish while trading below the 113.15 level, as price trades outside the ascending wedge pattern. The recent move higher may be a technical correction, giving indicators a chance to move away from oversold conditions before the next down move occurs.

• The USDJPY pair remains bearish while trading below the 113.15 level, key support is found at the 112.20 and 111.50 levels.

• If the USDJPY pair trades above the 113.15 level, key resistance is found at the 113.36 and 113.88 levels.