The US dollar remains trapped in a well-established trading range against the Japanese yen, as traders seek a breakout from the 110.25 to 110.80 levels. Despite a strong decline in the value of the US dollar index the USDJPY pair is neutral and has failed to follow the greenback lower. Bulls seek a break above the 110.80 level, while sellers will look to hold price below the 110.25 support level.
The USDJPY pair is only bullish while trading above the 110.80 level, further upside towards the 111.00 and 111.40 levels seems possible.
If the USDJPY pair moves below the 110.25 level, sellers will likely test towards the 110.00 and 109.54 support levels.
