USDJPY INTRADAY BULLISH ABOVE 112.20 LEVEL
The U.S dollar continues to trade towards the top-end of its weekly price-range against the Japanese yen, heading into the U.S session open. Record highs in global stocks and sharp move higher in U.S bond yield continue to underpin demand in the U.S dollar. The USDJPY pair is currently trading above the key 112.40, with price-action earlier rejected from just below the key 112.70 resistance level. Traders now look to the U.S ISM Manufacturing report for the month of November, during the North American market session.
The USDJPY pair remains intraday bullish while trading above the 112.20 level. Further upside towards the 112.70 and 113.10 levels, still seems likely.
Should price action decline below the 112.20 level, intraday sellers will look to push the USDJPY back towards the 111.91 support level. The pairs 100 and 200-day moving averages, offer further support between 111.55 and 111.60.