The US dollar is holding above key weekly technical support against the Japanese yen currency, with the earlier Bank of Japan policy meeting having only a limited effect on the pair. Buyers still retain intraday control of the USDJPY pair and are likely to target a bullish weekly price close above the 112.00 level. The MACD indicator on the four-hour time frame is also trending higher and signaling that pressure remains to the upside.
The USDJPY pair is intraday bullish while trading above the 111.60 level, key resistance is found at the 112.00 and 112.20 levels.
If the USDJPY pair trades below the 111.60 level, sellers may test towards the 111.45 and 111.30 support levels.