USDJPY above trendline support
The US dollar is attempting to move higher against the Japanese yen currency in early Monday trading after sellers failed to hold price below key trendline support. The USDJPY pair could correct back towards the 112.00 level if buyers continue to force a recovery. The 111.60 level is the key intraday pivot point and the strongest form of technical resistance prior to the 112.00 level.
The USDJPY pair is only bearish while trading below the 111.10 level, key technical support is found at the 110.80 and 110.40 levels.
If the USDJPY pair trades above the 111.60 level, buyers may test towards the 112.00 and 112.50 resistance levels.