The US dollar continues to advance against the Japanese yen currency, with price fast-approaching the 110.00 resistance level as risk-on trading sentiment returns to broader financial markets. The USDJPY pair has also received a boost from a renewed bid-tone in the greenback, with the US dollar index moving back above the key 94.00 level. USDJPY traders will likely find intraday direction from equity and bond markets and the US dollar index.
The USDJPY pair is strongly bullish while trading above the 110.00 level, further upside towards 110.40 and 111.00 remains possible.
If we see technical failure around 110.00 level, USDJPY sellers may test towards the 109.40 and 109.00 support levels.
