The U.S dollar has moved sharply higher against the U.S dollar during the European trading session, hitting 113.88, amidst strong technical buying in the USDJPY pair. Intraday sellers failed to defend the 113.68 level, which triggered an acceleration of buying interest in the USDJPY. The U.S dollar index remains mixed on the day, with traders now awaiting the key October Consumer Price inflation data from the United States economy.
The USDJPY pair remains strongly intraday bullish while trading above the 113.68 technical level. Further upside towards 114.10 and 114.50 seems increasingly likely.
Should price-action decline below the 113.68 level on the USDJPY pair, sellers will likely target the 113.24 and 112.94 technical levels.