The U.S dollar has moved to new monthly trading high against the Japanese Yen, hitting 114.25 during today’s European session. The current risk-on environment in global stocks and bonds is helping to underpin intraday strength in the USDJPY. The pair currently trades around the 114.20 level, ahead of the release of high impact U.S economic data.
The USDJPY pair remains further bullish on an intraday basis while holding price-action above the 113.89 technical level. Buyers will likely target the 114.33 and 114.50 levels while the pair continues trades above the 113.90 level.
If USDJPY sellers can push price-action below the 113.89 level for a sustained period, a further decline can be expected towards 113.40 and 113.23 levels.
