USDJPY potential top
The US dollar is testing towards the 110.00 support level against the Japanese yen currency after a soft start to the new trading week. Bearish MACD price divergence is warning that the USDJPY pair could soon fall back towards the 106.00 support level. Overall, continued failure to surpass the 111.50 resistance level should be seen as a bearish short-term signal for the USDJPY pair.
The USDJPY pair is only bearish while trading below the 108.90 level, key support is found at the 107.50 and 106.00 levels.
The USDJPY pair is only bullish while trading above the 108.90 level, key resistance is found at the 111.00 and 111.50 levels.