USDJPY MOVES INTO POSITIVE TERRITORY

Despite falling to 112.88 during the Asian session, the USDJPY pair has moved back into positive territory for the day, trading around the 113.30 area, as traders continued with the recent theme of buying the USDJPY dip during the European session.

The pair remains unfazed by geopolitical tension going into the U.S session and now looks to the U.S ADP jobs report and key data inside the ISM non-manufacturing PMI.

The USDJPY pair remains bullish on all time frames, with key technical support found at the M5 time frame, 200 period moving average, at 113.18.

Further intraday support is found at 113, and the current intraday price low, at 112.88.

To the upside, USDJPY resistance is found at the monthly price high, at 113.68, and then the May 15th daily high, at 113.85. Above 113.85, the long-term Fibonacci level, 114.10 comes into traders focus.