The U.S dollar has moved to a new weekly price-high against the Japanese yen, hitting 113.18 during the European trading session. Price-action on the pair is now testing the key 113.10 level, with buyers firmly in control whilst price holds above this key technical region. Overall Japanese yen weakness across a broad spectrum of currencies appears to be underpinning USDJPY strength. Traders now look to the Bank of Japan monetary policy decision, with economists expecting no major changes to Japanese fiscal policy at this meeting.
The USDJPY pair is further bullish while trading above the 113.10 level, buyers are now expected to push price towards the 113.40 and 113.70 resistance levels.
Should price-action move below the 113.10 level, sellers may push the USDJPY pair back towards the 112.70 and 112.30 support regions.
