USDJPY has defied the correction that befell other dollar pairs on Friday. The pair continues to trade at six-month highs, with prices now treading near 112.00. What should buyers expect next? This is highlighted in the following 16 July USDJPY Technical Outlook.
16 July, OctaFX – The US dollar continues to hold well-above the 112.00 level against the Japanese yen currency on Monday, as traders await President Trump’s meeting with Russian President Vladimir Putin later today.
The USDJPY pair retains an intraday bullish bias while trading above the 112.20 level, following the former weekly breakout above the 111.39 level. Buyers will continue to target the 113.00 level and beyond, while sellers will look to push price below the 112.20 support zone.
16 July USDJPY Technical Outlook
- The USDJPY pair is intraday bullish while trading above the 112.20 level, key resistance remains at the 112.80 and 113.40 levels.
- If the USDJPY pair falls below the 112.20 level, sellers will likely test towards the 111.90 and 111.39 support levels.
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