The US dollar is trading above the 110.80 level against the Japanese yen currency, after bullish reports from ongoing trade talks between US and Chinese government officials. Bulls have control of the USDJPY above the 110.80 level and may soon start to challenge the monthly price high, around the 111.12 level. Some caution is advised, as the pair is currently showing bearish MACD divergence on the four-hour time frame.
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 110.40 level, sellers may test towards the 110.24 and 110.10 support levels.
