The Japanese yen remains under pressure as the BoJ extends the easing program.
The US dollar has met strong resistance at last April’s high at 110.80. The price action then found bids near 110.20, a former resistance turned into support.
Sentiment remains positive as long as buyers hold above 109.80.
The RSI is rising back from a sub-40 level, leaving room for a potential rebound. A break above said resistance may resume the five-month-long rally and push the price to March 2020’s high at 111.70.
