USDJPY struggling above 112.00
The US dollar has failed to hold onto earlier gains against the Japanese yen after the pair briefly spiked above the 112.00 level following the Bank of Japan rate decision. The 111.60 level is the key intraday pivot, with the USDJPY pair still holding a bullish bias. If the USDJPY pair does fall below the 111.60 level, the 111.30 level offers strong technical support.
The USDJPY pair is intraday bullish while trading above the 111.60, key intraday resistance is found at the 112.00 and 113.40 levels.
If the USDJPY pair trades below the 111.60 level, key intraday support is found at the 111.30 and 111.10 levels.