The US dollar is breaking to the upside against the Japanese yen after the FOMC Meeting Minutes showed the Federal Reserve struck a hawkish tone towards future US rate increases. The USDJPY pair is intraday bullish above 112.45 level and supported by a bullish inverted head and shoulders pattern. The Moving Average Convergence Divergence indicator on the four-hour time frame is also starting to trending higher.
The USDJPY pair is intraday bullish while trading above the 112.45 level, key resistance is found at the 112.90 and 113.20 levels.
If the USDJPY pair trades below the 112.45 level, intraday sellers may test towards 112.20 and 112.00 support levels
