The US dollar has moved to a fresh monthly trading high against the Japanese yen on Tuesday, with price moving within touching distance of the 113.00 resistance level. Overall, the USDJPY pair remains bullish in the short and medium-term and looks to challenge the July 2018 trading high, at 113.17. A much larger bullish inverted head and shoulders pattern will be triggered if price moves above the 113.17 level.
The USDJPY pair is strongly bullish while trading above the 112.70 level, key resistance is now found at the 113.17 and 113.80 levels.
If the USDJPY pair moves below the 112.70 level, key support is found at the 112.20 and 111.80 levels.