The US dollar has moved to a fresh monthly trading high against the Japanese yen, as rising equity markets and improving risk-on trading sentiment prompts traders to sell the yen currency. The USDJPY pair remains intraday bullish while trading above the 111.75 level, and is further supported by a bullish inverted head and shoulders pattern across the four-hour time frame.
The USDJPY pair is strongly bullish while trading above the 111.75 level, key resistance is found at the 112.10 and 112.80 levels.
If the USDJPY pair moves below the 111.75 level, key support is found at the 111.40 and 111.00 levels.
