USDJPY only intraday bullish above 111.00 level

The US dollar is attempting to move higher against the Japanese yen currency after the pair staged a strong recovery above the 111.00 level on Wednesday. US equity markets made a strong recovery yesterday, which helped to boost overall risk-sentiment in financial markets. The MACD indicator on the four-hour time frame is starting to trend higher, pointing to further intraday strength in the USDJPY pair.

• The USDJPY pair is intraday bullish while trading above the 111.00 level, key technical resistance is found at the 111.40 and 111.88 levels.

• If USDJPY pair trades below the 111.00 level, sellers may test towards the 110.80 and 110.26 levels.