The U.S dollar continues to hold firm against the Japanese yen, with price-action currently capped by the 113.69 resistance level. The USDJPY briefly dipped lower on Friday, following the U.S jobs report, but quickly recovered intraday losses, to trade back around the 113.50 region. The pair is currently being driven higher by strong gains in global stock indices, and overall risk-on trading sentiment. The main risk event for the U.S dollar index this week will be the U.S Federal Reserve interest rate decision and U.S monetary policy statement by outgoing Federal Chair Janet Yellen.
The USDJPY pair remains strongly bullish while trading above the 113.09 technical level, intraday buyers may look to test towards the 114 handle.
Should price-action on the USDJPY pair move below the 113.09 technical level, intraday sellers may target towards 112.71 support level.
