The US dollar has moved above the pivotal 112.45 level against the Japanese yen currency after sellers failed to break the 111.90 support level on Tuesday. The USDJPY pair is also benefitting from intraday strength in the US dollar index and a recovery in US equity markets. The intraday bias is now cautiously bullish, although buyers and sellers still await a clear break from the recent 111.90 to 112.87 price range.
The USDJPY pair is only bullish while trading above the 112.45 level, key resistance is now found at the 112.87 and 113.20 levels.
If the USDJPY pair trades below the 112.45 level, sellers may test towards 111.90 and 111.60 support levels.
