USDJPY awaiting rate decision
The US dollar continues to trade in a narrow price range against the Japanese yen currency as traders remain cautious ahead of the Bank of Japan interest rate decision. If buyers can finally move price above the 112.00 resistance level, the bullish pattern on the four-hour is showing that a strong technical breakout could occur. If the USDJPY falls below the 111.68 level the 111.30 level offers strong technical support below.
The USDJPY pair is intraday bullish while trading above the 111.80, key intraday resistance is found at the 112.00 and 113.20 levels.
If the USDJPY pair trades below the 111.68 level, key intraday support is found at the 111.30 and 110.90 levels.