BOJ GOVERNOR KURODA REASSURES MARKETS

The USDJPY pair spiked to a weekly trading high of 111.40, as Bank of Japan Governor Haruhiko Kuroda reassured financial markets, stating that Japanese policy makers will still lag behind the U.S Federal Reserve in dialing back the current large-scale stimulus program in place.

Haruhiko Kuroda also noted at the policy press conference that Japanese inflation is still far from reaching the Bank of Japan's two percent target.

Technically the USDJPY pair remains bullish, with the daily time frame 200 period moving average at 112.10, becoming the next big upside level for the pair to tackle.

In the near term, the current daily low comes in at 110.98, with the recent swing low offering further support at 111.11.

Intraday resistance comes in at the daily time frame 100 period moving average at 111.65, with the June 2nd former swing high slightly above at 111.71.

To the downside 110.58 and 109.98 offer strong intraday support for the pair.