The US dollar is trapped inside a narrow price against the Japanese yen, with the risk-sensitive currency pair trading between the 111.10 to 111.45 levels. If USDJPY buyers can break above the range, the 111.60 level offers the strongest form of near-term resistance. The MACD indicator on the four-hour time frame suggests that bullish momentum is gathering strength in the short-term.
The USDJPY pair is intraday bullish while trading above the 111.45 level, key resistance is found at the 111.60 and 112.00 levels.
If the USDJPY pair falls below the 111.10 level, sellers may test towards the 110.90 and 110.60 support levels.