USDJPY TRACKING US TREASURIES HIGHER
The US dollar has moved to a fresh monthly trading against the Japanese currency on Wednesday, as price continues to follow US Treasury-yields higher. The USDJPY pair looked past the Bank of Japan monetary policy decision as the central bank kept interest rates unchanged as widely expected. Traders should expect the USDJPY pair to move higher while price trades above the 112.00 level as the bullish pattern unfolds.
The USDJPY pair remains bullish while trading above the 111.75 level, key resistance is now found at the 112.80 and 113.20 levels.
If the USDJPY pair moves below the 112.00 level, key support is found at the 111.75 and 111.75 levels.