February 18, OctaFX – The US dollar is attempting to recover higher against the Japanese yen currency on Monday after the pair found strong support from the 110.24 level.
The movement of the USDJPY pair is increasingly being driven by news from Sino-US trade talks, with markets still optimistic a deal can be reached.
USDJPY Technical Analysis
Traders should carefully watch for a break of the 110.24 to 110.80 price range, as it will likely signal the next short-term directional move.
- The USDJPY pair is only bullish while trading above the 110.40 level, key technical resistance is found at the 110.80 and 111.10 levels.
- If the USDJPY pair moves below the 110.40 level, sellers may test towards the 110.24 and 109.80 support levels.
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