The US dollar has recovered higher against the Japanese yen currency after sellers failed to hold price below key trendline support from the rising price channel on the four-hour time frame. Bulls need to break above the 111.80 level to negate a potential triple top pattern formation and push price above the 112.15 resistance level. Sellers will have to force the USDJPY pair under the 110.80 level in order to create a bearish lower weekly low.
The USDJPY pair is bullish while trading below the 111.80 level, key resistance is found at the 112.15 and 112.80 levels.
If the USDJPY pair trades below the 111.45 level, sellers may test towards the 110.80 and 110.45 support levels.
