The US dollar has moved to a new monthly trading high against the Japanese yen currency, with the pair finally breaking from its ten-day trading range. The USDJPY pair has a strong intraday bullish bias while trading above the 111.12 resistance level, with buyers now likely to target the 111.40 level. Traders are likely to remain slightly cautious, as Federal Reserve Chair Powell is set to testify on Capitol Hill later today.
The USDJPY pair is strongly bullish while trading above the 111.12 level, key technical resistance is found at the 111.40 and 112.15 levels.
If the USDJPY pair trades below the 110.80 level, sellers may test towards the 110.60 and 110.40 support levels.
