The US dollar continues to trade towards the top-end of its recent trading-range against the Japanese yen, ahead of Fed Chair Jerome Powell’s testimony before US Congress this afternoon. The USDJPY pair could come under pressure if price starts to slide below the 112.20 support level. The MACD indicator remains neutral across the lower time-frames, whilst the pair retains its medium-term bullish bias.
The USDJPY pair is only intraday bullish while trading above the 112.20 level, key resistance is found at the 112.80 and 113.40 levels.
If the USDJPY pair falls below the 112.20 level, sellers will likely test towards the 111.70 and 111.39 support levels.
