The US dollar has staged a strong recovery higher against the Japanese yen, amidst news that the US and Chinese governments are embarking on a fresh round of trade talks. The USDJPY pair remains bearish while trading below the 113.15 level, as price trades outside the ascending wedge pattern. The recent move higher may be a technical correction, giving indicators a chance to move away from oversold conditions before the next down move occurs.
The USDJPY pair remains bearish while trading below the 113.15 level, key support is found at the 112.20 and 111.50 levels.
If the USDJPY pair trades above the 113.15 level, key resistance is found at the 113.36 and 113.88 levels.
