USDJPY bulls target 111.60 level
The US dollar has made a strong recovery higher against the Japanese yen currency, following bullish reports coming from Sino-US trade negotiations. USDJPY buyers now need to move price above the 111.60 level to encourage fresh technical buying in the pair. A bullish pattern could start to emerge on the four-hour time frame now that the head and shoulders pattern has reached its bearish target.
The USDJPY pair is only bearish while trading below the 111.60, key intraday support is found at the 111.35 and 111.00 levels.
If the USDJPY pair trades above the 111.60 level, key intraday resistance remains at the 111.88 and 112.40 levels.