USDJPY rose on Monday, and the technical bias is bullish due to higher highs in the recent volatility trend.
The pair is currently trading near 110.309, and multiple resistance levels can be seen above which may prevent the price from rising further.
- Resistance level 1: 110.500
- Resistance level 2: 110.700
- Resistance level 3: 110.950
Below the price, multiple support levels can be seen which may prevent the price from rising.
- Support level 1: 110.130
- Support level 2: 109.950
- Support level 3: 109.700
The United States will announce the June Markit manufacturing PMI data on Wednesday. Higher data will indicate that it is beneficial to the US dollar, so it is good for the USD JPY currency pair, and vice versa.
Looking at the current price trend and economic development, it may be a good trading choice to buy the pair near the current level.