USDJPY TURNING BULLISH ABOVE 112.70 LEVEL
The U.S dollar is starting to recover upside momentum against the Japanese yen, hitting 112.81, as the U.S dollar index recovers after the U.S Republican party passed their tax reform package late Friday. The USDJPY pair has recovered all of Friday’s losses, after the pair touched 111.30, as reports surfaced that Michael Flynn had admitted to lying about Russian collusion to the FBI. Markets will be focused on any further details coming out about the Russian collusion case, and if any more members of the Trump administration were involved.
Should price action hold above the 112.70 technical level, intraday buyers may look to test towards the 113.10 level, with extended upside resistance at 113.80.
If USDJPY buyers fail to hold the 111.70 level again, a move back down towards the 112.20 level appears likely. The 111.30 level offers extended resistance.