USDJPY holds support
The US dollar has bounced from key technical support against the Japanese yen currency after bulls defended last weeks key breakout area, around the 110.30 level. USDJPY bulls need to move price above the 111.50 level to secure the pairs medium-term prospects. Rejection from the 111.00 resistance level could see the USDJPY pair being sold heavily towards the 109.90 support level.
The USDJPY pair is only bearish while trading below the 111.50 level, key support is found at the 110.30 and 109.90 levels.
The USDJPY pair is only bullish while trading above the 111.50 level, key resistance is found at the 112.00 and 112.22 levels.