The U.S dollar has moved back above the 112.90 resistance level against the Japanese Yen, as optimism builds, after the House of Representatives passed the budget to U.S Senate for the proposed tax cuts by the Trump administration.
Today’s trading sentiment surrounding the USDJPY pair is increasingly bullish, as the U.S dollar index continues to be supported by a strong bid tone.
Despite the bullish trading sentiment surrounding the U.S dollar today, the USDJPY still remains unable to break-above the 113.25 range-top.
Today’s Nonfarm-payrolls job report should set the tone for the USDJPY pair, with expectations remaining low due to poor seasonal weather effects in the United States.
Key intraday technical resistance for the USDJPY pair is located at 113.25, and 113.57. Once above the 113.57 level, further upside resistance is found at 113.89 and 114.10.
To the downside, support is found at the 112.70 level and the pairs weekly pivot point, at 112.40. Further intraday support is seen at 112.18, 111.90 and the key 111.69 level.
