USDJPY 111.45 critical support

The US dollar continues to trade above its key weekly pivot point against the Japanese yen currency, with the pair still enjoying strong dip-buying interest. The 111.45 level is now critical intraday support for USDJPY pair, with buyers now needing to move price above the 112.00 level. Traders should note that a bullish inverted head and shoulders pattern will form if bulls can breach the current monthly trading high.

• The USDJPY pair is intraday bullish while trading above the 111.60 level, key resistance is found at the 112.00 and 112.20 levels.

• If the USDJPY pair trades below the 111.60 level, sellers may test towards the 111.45 and 111.30 support levels