The US dollar continues to enjoy strong buying interest against the Japanese currency after the pair closed the former trading week above its key 200-day moving average. The USDJPY pair has a strong bullish bias while trading above the 111.80 level, with the 113.20 level the strongest weekly resistance area. The four-hour time is also showing that a bullish inverted head and shoulders pattern has formed.
The USDJPY pair is bullish while trading above the 111.80, key intraday resistance is found at the 112.30 and 113.20 levels.
If the USDJPY pair trades below the 111.80 level, key intraday support is found at the 111.60 and 111.30 levels.
