The US dollar has finally broken its recent short-term trading-range against the Japanese yen between the 110.25 and 110.80 levels, moving back above the key 111.00 resistance level. The USDJPY pair is being boosted by a return to risk-on trading sentiment and a strong move higher in global equity market prices. Buyers will look for further upside above the 111.40 level, while sellers will look to move price back below the 110.80 level.
The USDJPY pair is strongly bullish while trading above the 110.80 level, key resistance is found at the 111.40 and 112.20 levels.
If the USDJPY pair moves below the 110.80 level, sellers will likely test towards the 110.45 and 110.25 support levels.
