USDJPY TURNING BULLISH ABOVE 111.38

The USDJPY pair is starting to turn bullish on short and longer time indicators, after finding strong buying interest from the 110.80 level during the European session.

At present, price is setting new weekly trading high's around the 111.50 level, having clearly broken above the monthly USDJPY pivot point, and the 200 week moving average, currently located at the 111.29 level.

Once clearly closing above the 111.38 level on a higher time basis, further USDJPY intraday resistance is found at the weekly pivot, at 111.67, and the 100 week moving average, located at 111.95.

To the downside, the 111.29 level is currently acting as critical USDJPY support, with the M5 time frame 200 period just below, at 111.19.

Below the 111 level, the 110.90 to 110.80 levels remains key, with both the daily time frame 20 period moving average, and 50 percent Fibonacci retracement level forming strong support in this price zone.