USDJPY BUYERS STILL IN CHARGE ABOVE 113.10
The U.S dollar continues to trade well above the 113 handle against the Japanese yen, as rising Asian stock markets boost risk-on trading sentiment on Monday. The USDJPY pair hit 113.46 on Friday, following the release of the December Non-farm payrolls job report. Going forward, buyers will now need to break the Friday high and close price-action above the 113.60 level, and then look towards challenging the 114.40 region. With a lack of macroeconomic data from the U.S and Japan on Monday, the U.S dollar index will likely be the key driver for the USDJPY pair.
Further upside is expected while price-action trades above the key 113.10 level, bullish targets for the USDJPY pair remain 113.60 and 114.40.
Should the USDJPY pair start to trade below the 113.10 technical level, further selling towards 112.70 and 112.30 should be expected.