The US dollar is correcting lower against the Japanese yen currency, although the short and medium-term trend is still bullish. The USDJPY pair traded to 113.13 on Wednesday after the US Federal Open Market Committee raised interest rates 25 basis points, buyers failed to break the July high, at 113.17. The uptrend and the bullish inverted head and shoulders remain firmly in place while price trades above the 112.20 level.
The USDJPY pair remains intraday bullish while trading above the 112.20 level, key resistance is now found at the 113.13 and 113.80 levels.
If the USDJPY pair moves below the 112.20 level, key support is found at the 111.70 and 111.37 levels.
