The US dollar is consolidating around the best level of the trading week against the Japanese yen currency, as demand grows for riskier asset classes. The USDJPY pair is starting to lose bullish momentum, as buyers struggle to reach the 113.70 resistance level. The Moving Average Convergence Divergence indicator is also showing signs of upside exhaustion on the four-hour time frame.
The USDJPY pair is only bullish while trading above the 113.20 level, key resistance is found at the 113.70 and 114.00 levels.
If the USDJPY pair trades below the 113.20 level, key support is found at the 112.90 and 112.50 levels.
