The USDJPY pair has risen to a seven-week trading high, hitting 111.33, as traders sell the Japanese Yen, and move into British pounds. Speculation is building that the Bank of England will soon raise interest rates, while the Bank of Japan will continue to keep rates at ultra-low levels.
So far, the USDJPY pair has moved to above its 100-week moving average, at 111.23, with price-action further rejected by its 50-week moving average, at 111.33.
The USDJPY pair is trading at a critical point, with price-action now moving through a key confluence of technical resistance, with the pairs 200-week moving average and monthly pivot point nearing.
Key technical resistance above 111.33 is located at the pairs 200-week moving average, at 111.54 and the USDJPY monthly pivot point, situated at 111.65.
To the downside, key USDJPY intraday technical support is found at the former daily price high, at 111.04, and the key 110.80 level. Below 110.80, further support is found at 110.68 and 110.33.
