Technical Analysis

USDJPY Buying Likely to Accelerate Above 113.47


The U.S dollar has moved to its highest trading level against the Japanese Yen in over three-months, hitting 113.47 during the European trading session, as the U.S dollar index continues to push higher. The USDJPY pair is currently trading around the 111.38 level, as traders await U.S economic data and the latest opinion polls from this weekend's snap Japanese election.

Intraday buying interest in the USDJPY pair is likely to accelerate above the 113.47 level, with price-action likely to test towards the key 113.57 and 113.90 technical resistance levels.

If sellers push price-action below the key 113.20 level, the USDJPY pair is likely to see a further decline back towards the 112.89 region. Extended intraday technical support is located at 112.58 and 111.89.

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