The US dollar trades sharply higher against the Japanese yen on Tuesday, as rising US bond-yields are supporting a move higher in the greenback. The USDJPY pair is intraday bullish while trading above the 111.39 level, with buyers looking increasingly likely to test the former weekly trading high, at 111.80. Caution is still warranted in the medium-term, as a bearish head and shoulders pattern is visible and the USDJPY pair is vulnerable to moves lower.
The USDJPY pair is bullish while trading above the 111.39 level, key resistance is found at the 111.80 and 112.05 levels.
If the USDJPY pair trades below 111.39 level, key support is found at the 111.10 and 110.90 levels.
