It can be observed that the USD/JPY currency pair did not increase its volatility massively during the panel discussion of the top central bankers. Instead the US Dollar once more attempted to break above the 112.40 mark against the Japanese Yen. For a rather unclear reason that level has been providing resistance in the recent trading sessions. It is possible that the 112.40 mark is a benchmark for the Bank of Japan or a silent player in the form of a large institution, which has enough funds to change the price of the currency pair. However, from a technical perspective the pair is still set to gain more, as the 55-hour SMA is approaching the rate from the downside just above the 112 level.
