USDJPY targeting 112.20
The US dollar has continued to rally higher against the Japanese yen currency during the European trading, with bulls moving the pair close to the 112.00 resistance level. The first target for buyers is likely to be the 112.20 level, with the 112.80 level extended resistance. Technical indicators on the daily time frame continue to signal further gains ahead for the USDJPY pair.
The USDJPY pair is strongly bullish while trading above the 111.40 level, key technical resistance is found at the 112.20 and 112.80 levels.
If the USDJPY pair trades below the 111.40 level, sellers may test towards the 111.12 and 110.80 support levels.