The U.S dollar has continued to advance higher against the Japanese yen currency overnight, hitting 107.85, driven by rising Japanese stock prices and rising U.S bond yields. The USDJPY trades close to the price-highs of the day, with bullish momentum accelerating in the pair after the 107.30 level was clearly breached. Going forward, USDJPY traders look towards the key 90.00 level on the U.S dollar index and await the release of the FOMC Meeting Minutes later today.
The USDJPY pair is strongly bullish while trading above the 107.30 level, intraday resistance is now found at the 108.01 and 108.50 levels.
Should the USDJPY pair decline below the 107.30 level, sellers may test toward the 107.00 and 106.60 support regions.
