The U.S dollar has moved sharply higher against the Japanese Yen, hitting 112.76 during the European session, as the U.S dollar index gains strength across the board. The USDJPY pair is currently trading at the highs of the day, ahead of the release of key U.S housing data and the Federal Reserve’s Beige Book.
The USDJPY pair is likely to continue to advance higher while trading above the key 112.58 technical level. Buyers are likely to target the 112.89 and 113.10 resistance levels. Further extended intraday technical resistance is found at 113.25 and 113.43.
Should the USDJPY pair start to decline below the 112.58 support level, intraday sellers are likely to push price-action back towards the 112.30 and 112.10 technical levels.
