USDJPY testing major resistance

The US dollar is testing towards major weekly resistance against the Japanese yen currency, as the greenback receives strong buying demand across the board. If bulls can break past the 110.90 level the USDJPY pair could easily advance towards the 111.20 technical level. The MACD indicator on the four-hour time frame is also showing that further short-term upside remains likely.

• If the USDJPY pair trades above the 110.90 level, buyers may test towards the 111.20 and 111.49 resistance levels.

• If bulls fail to move price above the 110.90, sellers may test back towards the 110.68 and 110.40 levels.