USDJPY INCREASINGLY BULLISH ABOVE 111.60
The USDJPY pair is holding onto gains above the 111.60 level in early Tuesday trading, moving to a current intraday high of 111.78, after being boosted by rising equity prices and a stronger U.S dollar index.
Stock markets in the U.S moved to record high's, helping boost market sentiment, with hawkish comments from FOMC vice chairman William Dudley, helping to send the USDJPY pair above strong technical resistance.
Technically the pair remains bullish on short and medium term time frames, with major support coming from the daily time frame 100 period moving average at 111.60 and the 50 period moving average at 111.40, on the mentioned time frame.
To the upside, the monthly pivot point at 111.81 becomes strong resistance the pair needs to clear, to then advance towards the May 24th swing high at 112.12.
Above 112.12, the weekly time frame 100 period moving average at 112.51 is strong intraday resistance for the pair.