The US dollar continues to press higher against the Japanese yen, with the price now testing above the key 112.00 resistance level. The USDJPY pair is likely to advance even higher while trading above the 112.05 level, with key intraday support found at the 111.37 level. Traders remained focused on the outcome of today’s monetary policy decision from the US Federal Open Market Committee.
The USDJPY pair is strongly intraday bullish while trading above the 112.05 level, key resistance is now found at the 112.50 and 112.90 levels.
If the USDJPY pair falls back below the 111.37 level, sellers will likely push price towards the 111.00 and 110.25 support levels.