The USDJPY pair has moved back above the 112 handle, hitting 112.54 during the Asian session, as the U.S dollar index continues to climb, boosted by optimism over the Trump administrations proposed tax reform.
Going forward, the USDJPY remains strongly bullish, with the pair bouncing over 100-pips from the weekly low, after yesterday’s technical re-test of its 200-day moving average, at 111.45
The USDJPY pair is increasingly U.S dollar driven this week, traders should look to the U.S dollar index, as it now trades above the key 92.83 technical level, for further indication of the next directional move in the USDJPY.
Key intraday USDJPY support is found at the pairs daily pivot point, at 112.07 and the pairs weekly pivot point, at 111.90. Below 111.90, key weekly support is found at 111.64 and 111.45.
Key intraday USDJPY resistance above the current daily price high, is found at 112.80, 113.20 and 113.79. The 114.41 level acts as the foremost weekly resistance.
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