The US dollar has moved above the key 110.00 level against the Japanese yen, hitting 110.48, on reports that Chinese investments inside the American economy will not be facing taxes from the US administration. The USDJPY pair is also receiving a boost from broad-based strength in the US dollar index. Sellers will look to move price below the 110.00 level, while buyers will look to break the 110.48 level and advance the rally towards the 111.00 level.
The USDJPY pair is intraday bullish while trading above the 110.00 level, further upside towards the 110.78 and 111.00 levels seems possible.
If the USDJPY pair moves below the 110.00 level, key support is found at the 109.54 and 109.00 levels.
