The US dollar is increasing bullish pressure against the Japanese yen currency, with buyers edging price closer to the important 111.00 level. A sustained break above the current monthly trading high will likely trigger technical buying towards the USDJPY pairs 200-day moving average, at 111.40. The four-hour time frame also shows a rising price channel, with the channel top offering further resistance at the 112.30 level.
The USDJPY pair is bullish while trading above the 110.80 level, key technical resistance is found at the 111.12 and 111.40 levels.
If the USDJPY pair trades below the 110.80 level, sellers may test towards the 110.40 and 110.24 support levels.
