The US dollar remains range-bound against the Japanese yen, ahead of Tuesday’s key monetary policy decision from the Bank of Japan. The USDJPY pair is awaiting a break from the one-hundred pip trading channel between the 110.55 and 111.55 levels. Medium-term sellers will be looking to target the 109.54 level while USDJPY buyers will be aiming to regain bullish momentum above the 113.00 level.
The USDJPY pair is only bullish while trading above the 111.55 level, further upside towards the 112.20 and 113.00 levels seems possible.
If the USDJPY pair moves below the 110.55 level, sellers will likely test towards the 110.00 and 109.54 support levels.
