USDJPY STRONGLY BULLISH ABOVE 113.10 LEVEL
The U.S dollar has moved to a 4-week trading high against the Japanese yen, hitting 113.60, as traders pile into greenbacks. Buying in the USDJPY pair accelerated, after price-action broke above the 113.10 level, signaling a clear upside technical breakout. Going forward, the next technical hurdle ahead for the pair is the 114 handle, where supply and demand will be strongly tested. Headed into the U.S session, traders now await the Non-farm payrolls jobs report, where the U.S unemployment rate, wage growth, and headline jobs figure will be under scrutiny.
Should price action trade above the 113.60 level, further upside towards the 114 level appears likely, extended resistance is found at the 114.40 level.
If the USDJPY pair moves back below the 113.10 technical level, sellers may test toward the 112.70 and 112.40 support levels.