The US dollar has come under intense downside pressure against the Japanese yen currency after oil price collapsed this morning. The USDJPY pair has bounced fairly sharply from the 101.50 level and has the potential to recover higher in the short-term. The USDJPY pair has created sizeable amounts of bullish MACD price divergence, which extends towards the 106.50 resistance area.
The USDJPY pair is only bearish while trading below the 104.50 level, key support is found at the 101.50 and 100.00 levels.
The USDJPY pair is only bullish while trading above the 104.50 level, key resistance is found at the 105.70 and 106.50 levels.
