The USDJPY pair has moved back above the 113 level, as the U.S dollar index continues to climb higher, after yesterday’s United States ISM manufacturing PMI posted its highest reading in six years.
Trading sentiment surrounding the USDJPY pair is increasingly bullish today, with weekly fundamentals and technicals both currently favoring further upside.
Price-action on the USDJPY pair has so far reached 113.18, which is still slightly below the former weekly price-high of 113.25.
A move above the 113.25 level is expected to accelerate buying in the pair, whilst a move below the 112.70 would be technically bearish.
Key intraday resistance on the USDJPY pair is located at 113.25, 113.57 and 113.89. A move above the 113.89 level would likely further buying towards 114.10 and 114.45.
To the downside, key intraday support is found at the former weekly high, at 112.90 and the key 112.70 level. Once below 112.70, further support is found at the pairs weekly pivot point, at 112.41.
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