USDJPY ONLY BEARISH BELOW 111.00
The US dollar continues to trade above the 111.00 level against the Japanese yen, as rising equity markets continue to support risk-on trading sentiment. The USDJPY pair remains intraday bullish while trading above the pivotal 111.00 level, however, caution is advised as the MACD indicator across the four-hour time frame is now starting trend lower.
The USDJPY pair is only intraday bullish while trading above the 111.00 level, key resistance is found at the 111.30 and 111.50 levels.
If the USDJPY pair holds below the 111.00 level, sellers will likely test towards the 110.80 and 110.55 support levels.