USDJPY testing neckline resistance
The US dollar is trading close to the best levels of the month against the Japanese currency as optimism grows that a trade deal is nearing between the United States and China. The four-hour time is also showing that buyers are probing the neckline of a bullish inverted head and shoulders pattern. The upside target of bullish pattern would take the USDJPY close to the 113.80 level.
The USDJPY pair is intraday bullish while trading above the 111.65, key intraday resistance is found at the 112.00 and 113.20 levels.
If the USDJPY pair trades below the 111.80 level, key intraday support is found at the 111.65 and 111.30 levels.