The US dollar has surged towards a fresh monthly trading-high against the Japanese yen during the European trading session, hitting 112.80. The USDJPY has now started to move away from the 112.80 level and we may see a correction back towards the 112.30 support zone. Sellers will look to target below the 112.30 level, while buyers will continue to push towards the 113.40 level.
The USDJPY pair is now strongly bullish while trading above the 112.00 level, key resistance is now found at the 112.80 and 113.40 levels.
If the USDJPY pair falls below the 112.30 level, sellers will likely test towards the 112.00 and 111.39 support levels.
