The US dollar has moved to its highest trading level since January this year against the Japanese yen, hitting 110.74, after more weaker than expected Japanese economic data. The USDJPY pair currently trades close to the highs of the day, with buyers now looking towards a bullish break of the 111.00 technical level. Traders continue to watch for further buying in the USDJPY pair, as the bullish inverted head and shoulder pattern unfolds.
The USDJPY pair is strongly bullish while trading above the 110.44 level, key intraday technical resistance is now found at the 111.17 and 111.90 levels.
If the USDJPY trades below the 110.44 level, the pair may retrace towards the 110.06 and 109.80 support levels.
