USDJPY INTRADAY BULLISH ABOVE 112.47
The U.S dollar has risen close to three quarters of one percent against the Japanese yen, hitting 112.70, as the pair recovers from 4-week trading lows. A stronger bid in U.S treasury yields and global stocks markets, have helped the pair gradually move higher. Thin market trading conditions, ahead of the U.S Thanksgiving holiday on Thursday, have also helped to negate a strong downtrend emerging in the USDJPY pair. Traders now look to key U.S housing data, and a key-note speech from outgoing FED Chair Janet Yellen later today.
- The USDJPY pair remains intraday bullish while trading above the 112.47 technical level. Further upside towards 112.80 and 113.06 resistance levels appears likely.
- Should price decline back below the 112.47 level, sellers may target the 111.90 price-low, and the 111.60 support level.