USDJPY 109.70 KEY

The US dollar is trading in a tight price range against the Japanese yen currency as traders await the next directional move in the pair. The USDJPY pair remains in a strong technical position while price continues to trade above the important 109.70 level. Bearish MACD price divergence is present across the lower time frames and extends down towards the 109.00 level.

• The USDJPY pair is only bullish while trading above the 109.70 level, key resistance is found at the 110.20 and 110.70 levels.

• The USDJPY pair is only bearish while trading below the 109.70 level, key support is found at the 109.30 and 109.00 levels.