USDJPY resistance test
The US dollar is turning higher against the Japanese yen currency after the pair bounced from support and moved above the 111.50 level. Technical analysis shows that the USDJPY pair is now working inside a large rising price channel across various time frames A confirmed breakout above the price channel should increase buying pressure towards the 113.00 level.
The USDJPY pair is only bearish while trading below the 110.00 level, key support is found at the 108.90 and 107.50 levels.
The USDJPY pair is only bullish while trading above the 110.00 level, key resistance is found at the 112.20 and 113.00 levels.