USDJPY BULLISH AHEAD OF THE FED

The USDJPY pair has moved back towards the 112 level, ahead of today's Federal Reserve interest rate decision, after the U.S dollar index received a boost from better than expected U.S economic data.

After reaching a weekly trading high of 112.08 during the Asian session, the USDJPY pair is now battling with the 111.96 level, which represents the weekly time frame, 100 period moving average.

The USDJPY pair has turned bullish in the short and medium term, with USDJPY buyers now looking to target the 200 day moving average, located at the 112.83 level.

Key USDJPY intraday resistance above the 112.08 level, is found at the July 20th swing high, at 112.41, then the H4 time frame 100 period moving average adds further resistance, at 112.69.

To the downside, key intraday support is found at the weekly pivot point, at 111.67, and the daily pivot point at 111.41, with the 200 week moving average acting as critical support, at 111.29.