USDJPY BREAKS THE 111 LEVEL

The USDJPY pair has moved sharply higher above the 111 level, as the monetary policy divergence between the Federal Reserve and the Bank of Japan increasingly widens.

Today's Bank of Japan policy decision largely proved a non-event, with no change in interest rates as expected. The policy statement details revealed the BOJ had raised the current assessment on private consumption, with mention of a strong overseas economy, and weak domestic inflation.

Technically the USDJPY remains bullish in the short term, with the pair currently trading above all lower time frame moving averages.

Nearby support comes in at 111, with the June 9th trading high providing further support at 110.81.

To the upside, the pair is currently trading at strong intraday resistance at 111.22, above 111.22, the daily time frame 50 and 100 period moving averages are located at 111.30 and 111.67.

Intraday pullback support for USDJPY is currently located at 110.58 and  109.96.