The U.S dollar has moved higher against the Japanese Yen, reaching 106.61, after shorted date U.S bond-yields moved higher ahead of the Federal Reserve interest rate decision on Wednesday. The USDJPY pair currently trades around the 106.30 region, with expectations high that the FED will hike interest rate 0.25 basis points. USDJPY buyers will look for further advancement once clearly above the key 106.45 level, whilst key intraday technical support is now found at the 106.23 level.
The USDJPY pair is intraday bullish while trading above the 106.23 level, key upside resistance is now found at the 106.61 and 106.85 levels.
If the USDJPY pair declines below the 106.23 levels, further losses towards the 106.00 and 105.77 support levels cannot be ruled out.
