USDJPY 110.90 key weekly pivot

The US dollar has opened the new trading month with a slight bullish bias against the Japanese yen currency after the Chinese economy posted better than expected manufacturing data. The USDJPY pair has a strong bullish intraday bias while trading above the 110.90 level, which is the key weekly pivot point. The 111.60 level offers the strongest form of near-term resistance above the 111.00 resistance level.

• The USDJPY pair has a bullish bias while trading above the 110.90 level, key resistance is found at the 111.20 and 111.60 levels.

• If the USDJPY pair fails to move price above the 110.90 levels, sellers may test back towards the 110.68 and 110.40 levels.