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