The US dollar is currently testing key technical support against the Japanese yen, as the pair starts to drift lower after earlier hitting a fresh monthly trading-high, of 110.89. The Bank of Japan Monetary Policy Decision was largely a non-event for the USDJPY pair, with the US dollar remaining the key driver of the pair. Price is currently testing the 110.48 level, with the USDJPY pair still retaining its intraday bullish bias while trading above this key level.
The USDJPY pair is intraday bullish while trading above the 110.48 level, key technical resistance is now found at the 110.89 and 111.39 levels.
If the USDJPY pair moves below the 110.48 level, key intraday support is found at the 110.26 and 110.00 levels.
