The US dollar is starting to trade lower against the Japanese yen currency, after meeting strong technical resistance from the 112.70 level. The recent bullish momentum in the USDJPY pair is starting to fade, with the MACD indicator on the four-hour time frame also struggling to trend higher. Buyers now need to break the 112.70 resistance level, while sellers will attempt a higher time frame price close below the 112.20 support level.
The USDJPY pair is only intraday bullish while trading above the 112.45 level, key resistance is now found at the 112.70 and 113.00 levels.
If the USDJPY pair trades below the 112.20 level, key intraday support is found at the 111.90 and 111.60 levels.
