The US dollar is starting to erode yesterday’s losses against the Japanese yen currency, despite other major currencies continuing to advance against the greenback. The four-hour time frame shows that bullish MACD price divergence has recently formed. The bullish divergence extends towards the 109.10 level and the USDJPY pair may be in the process of reversing the price divergence.
The USDJPY pair is only bullish while trading above the 108.40 level, key resistance is found at the 108.90 and 109.10 levels.
The USDJPY pair is only bearish while trading below the 108.40 level, key support is found at the 107.90 and 107.50 levels.
