USDJPY support holds

The US dollar is recovering higher against the Japanese yen currency after finding strong technical support from the 109.70 level. Risk-on market sentiment is helping the USDJPY pair move higher, with the 110.20 resistance level the last remaining technical barrier before bulls target 111.00. Only a decline below the 109.70 support level would cause short-term traders to turn bearish at this stage.

• The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.30 and 109.00 levels. 

• The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.20 and 111.00 levels.