The U.S dollar has staged an impressive rally against the Japanese yen, with the pair hitting 107.00, and moving to its highest trading level since the March 21st. A strong recovery in the value of the U.S dollar index and better than expected U.S macroeconomic data has helped to support overall USDJPY demand. Traders now look towards the release of U.S inflation data, and the U.S dollar index’s next directional move from the pivotal 90.00 level.
The USDJPY pair remains strongly bullish whilst trading above the 106.00 level, further upside towards 107.00 and 107.55 seems possible.
A sustained move below the 106.00 level, will likely lead to further USDJPY selling towards the 105.50 and 105.24 levels.
