The U.S dollar has moved sharply higher against the Japanese Yen, hitting 114.10, following Shinzo Abe’s LDP parties sweeping victory in Sunday’s general elections in Japan. The USDJPY pair currently trades around the 113.77 level, as post-election optimism continues to support the intraday buying sentiment surrounding the USDJPY.
The USDJPY pair remains strongly bullish while trading above the 113.40 technical support level. Further buying can be expected towards the 114.10 and 114.49 resistance levels. Extended intraday resistance is found at the 114.73 and 115 levels.
Should price decline below the 113.40 support, sellers are likely to target the 112.89 and 112.28 levels. Extended intraday support is located at the 111.79 level.
