The US dollar remains under pressure against the Japanese yen currency as the greenback took a hit after the release of the US jobs report last week. The USDJPY is approaching its 200-period moving average on the four-hour time frame, which is an area traders may be looking to enter into to follow the established price trend. As long as the USDJPY pair holds above the 110.90 level this week then buying the recent pullback remains the best option.
The USDJPY pair is only bullish while trading above the 110.90 level, key resistance is found at the 111.60 and 112.00 levels.
The USDJPY pair is only bearish while trading below the 110.90 level, key support is found at the 110.50 and 110.10 levels.
