USDJPY CAPPED BELOW MAY PRICE HIGH

The USDJPY pair continues to push higher as the new trading week gets underway, reaching an intraday high of 114.31. However the pair still remains unable to move above the May 10th price and structure high, at 114.36.

On the H1 and H4 time frames, the USDJPY pair is also starting to build a series of bullish inverse head and shoulder patterns, indicating further upside price movement.

In the short term, the USDJPY pair remains strongly bullish whilst trading above the M5 time frame, 200 period moving average, at 114.09.

Further short term support is also found at the calculated daily pivot point, at 113.87.

Intraday resistance for the USDJPY pair is found at the former structure price high, at 114.36. Above the 114.36 level, the March 15th price high offers further intraday resistance at 114.88.