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The US dollar has bounced back fairly sharply against the Japanese yen currency after bulls stepped in from the 109.00 support level. Bearish MACD price divergence has now been reversed, setting the stage for further upside in the USDJPY pair. If bulls can rally the USDJPY pair back above the 109.60 resistance level, then further upside towards the 110.00 and 111.00 areas is increasingly likely.

The USDJPY pair is only bullish while trading above the 109.60 level, key resistance is found at the 110.00 and 111.00 levels.

The USDJPY pair is only bearish while trading below the 109.60 level, key support is found at the 109.20 and 109.00 levels.

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