February 14, OctaFX – The US dollar is now testing the key 111.00 level against the Japanese yen currency after buyers easily broke through the 110.80 resistance area.
USDJPY Technical Outlook
Strong technical resistance is seen around the 111.10 level, although the 111.40 level remains the target for bulls. The USDJPY pair risks losing recent bullish momentum if sellers force price back under the 110.40 support level.
- The USDJPY pair is strongly bullish while trading above the 110.80 level, key technical resistance is found at the 111.10 and 111.40 levels.
- If the USDJPY pair moves below the 110.80 level, sellers may test towards the 110.40 and 110.00 support levels.
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