USDJPY bulls defending pivot
The US dollar retains an intraday bullish bias against the Japanese yen currency as bulls continue to defend the pivotal 111.60 level. The four-hour time frame is showing the USDJPY pair trading within a rising price channel, with the top the pattern extending towards the 112.75 level. The MACD indicator on the four-hour time frame is still correcting from overbought conditions.
The USDJPY pair is only intraday bullish while trading above the 111.60 level, key technical resistance is found at the 112.20 and 112.75 levels.
If the USDJPY pair trades below the 111.60 level, sellers are expected to test towards the 111.10 and 110.90 support levels.