USDJPY TARGETING 110 HANDLE AHEAD OF FOMC
The U.S dollar has moved to a fresh eleven-week trading-high against the greenback, hitting 109.91, following another round of strong buying in the U.S dollar index. The USDJPY pair currently trades around the 109.80 level, with buyers looking to build momentum for a push higher towards the psychological 110.00 level. Traders are likely to focus on high-impact data from the United States today, and the key 92.00 handle of the U.S dollar index.
The USDJPY pair remains bullish while trading above the pivotal 109.45 level, upside resistance is now found at the 110.10 and 110.40 levels.
If the USDJPY pair moves below the 109.45 level, the 109.00 and 108.50 levels remain the strongest forms of downside resistance.