USDJPY FOLLOWING US BOND AND EQUITY MARKETS HIGHER
The US dollar has moved towards the top end of its short-term trading range, as rising US bond and equity markets push the greenback higher. Asian stock markets have hit a fourteen- month trading low on Wednesday, causing the USDJPY pair to pause. USDJPY buyers will attempt to keep the price above the 111.75 level to keep the recent bullish momentum alive, while sellers will try to push the price below the 111.37 level.
The USDJPY pair is strongly intraday bullish while trading above the 111.75 level, key resistance is found at the 112.05 and 112.20 levels.
If the USDJPY pair moves below the 111.37 level, key support is found at the 110.90 and 110.38 levels.