The U.S dollar has moved sharply higher against the Japanese yen, hitting 114.73, as Asian investors reacted to Friday’s solid NFP job report from the United States. Price-action has now pulled back towards 114.35 support region, following the Bank of Japan Meeting Minutes. The Meeting Minutes showed no change in fiscal policy, however, Goushi Kataoka, a new member of the policy board, dissented and argued against the BOJ’s view that current policy is sufficient to meet its target.
The USDJPY pair remains intraday bullish while trading above the 114.24 level. Further upside towards the 114.50 and 114.75 technical level should occur while price-action holds above 114.24.
Should price action decline below the 114.24 level for a sustained period, further intraday losses towards the 113.89 and 113.57 support levels remains likely.
