The U.S dollar has recovered upside momentum against the Japanese yen, with the pair pressing towards the key 113.10 resistance level. The USDJPY pair has received a boost from rising global stocks markets, and the U.S House Senate passing the Trump administration Tax Reform Bill into law. A clear technical break above the 112.70 level on Tuesday, also helped to encourage overall buying in the pair. USDJPY traders now look to the release of U.S Existing Home Sales, and the Bank of Japan’s monetary policy decision in the early hours of Thursday morning.
The USDJPY pair remains bullish while trading above the 112.70 level, if price-action moves above the 113.10 level, buyers are likely to target the 113.70 resistance level.
Should price-action turn below the 112.70 level, the sentiment towards the USDJPY will likely turn bearish. Sellers may then push the pair towards the 112.30 and 112.02 levels.
