USDJPY FURTHER BULLISH ABOVE 111.00 LEVEL
The US dollar continues to surge higher against the Japanese yen currency, hitting 111.03, after more weaker than expected macroeconomic data from the Japanese economy. The USDJPY pair currently trades close to the 111.00 level, after weaker than expected CPI Inflation data from Japan prompted more Japanese yen selling. Traders await scheduled speeches from FOMC members Caplan and Brainard, and continue to look for moves above the 111.00 level.
The USDJPY pair is strongly bullish while trading above the 111.00 level, key intraday technical resistance is now found at the 111.03 and 111.47 levels.
If the USDJPY trades below the 110.55 level, the pair may retrace back towards the key 110.00 support level.