USDJPY HITS 200 DAY MOVING AVERAGE
The USDJPY pair has moved to a new monthly high at 112.46, as United States treasury yields accelerated towards two week highs. The U.S 10-year note benchmark was the stand out performer, now offering investors a higher yield of 2.20%.
Overnight, the pair found strong resistance from the 200 day moving average, at 112.46, with the USDJPY pair now trading back towards support at the psychological 112 level.
In the short and medium term, the USDJPY remains strongly bullish whilst clearly trading above the 111.50 level.
Intraday support is located at the daily pivot point, at 112.07, then the former swing high at 111.81 becomes former resistance, now turned critical support.
For further bullish advancement, the pair now needs a series of higher time frame price closes above the 200 day moving average, at 112.46.
Looking past 112.46, further intraday resistance for the USDJPY is located at 112.80 and then the 113.22 level.