USDJPY approaching 2020 high
The US dollar is starting to firm above the 110.00 level against the Japanese yen currency as risk on trading sentiment return on Wednesday. A breakout above the 110.30 level could see the USDJPY pair quickly testing towards the 111.00 resistance level. Traders that are bearish towards the USDJPY over the medium-term may look to sell pair from the 111.00 level.
The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.35 and 109.00 levels.
The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.30 and 111.00 levels.