The US dollar has moved below the 112.00 level against the Japanese currency, as traders digest the news that the United States will impose another round of trade tariffs on Chinese imports. The recent short-term bullish momentum seen in the USDJPY pair is likely to remain intact while price trades above the 111.75 support level. Buyers need to break the 112.20 level, while sellers need a bearish daily price close below the 111.37 level.
The USDJPY pair remains bullish while trading above the 111.75 level, key resistance is now found at the 112.20 and 112.80 levels.
If the USDJPY pair moves below the 111.75 level, key support is found at the 111.37 and 110.90 levels.