USDJPY MOVES TO SEVEN WEEK TRADING HIGH
The USDJPY pair has moved to a seven-week trading high, crossing above the 200 day moving average, and moving to an intraday high of 113.07.
During the European trading session, the Japanese Yen weakened against the greenback, as the U.S dollar index gathered strength, and gained ground on all major G7 currencies.
The pair now looks to the release of U.S manufacturing PMI for June, and the ISM survey, both being released during the U.S session.
The USDJPY pair has now turned bullish in the short, medium and longer term. Currently the pair trades above the 200 period moving average on all time frames.
Medium and longer term traders are now looking for further bullish confirmation from the daily price bar to close above the 112.66 level.
Resistance for the USDJPY pair is located at 113.20, 113.90 and the May 10th, former swing high at 114.38.
Intraday support is found at the 200 day moving average at 112.66, and the H4 time frame 20 period moving average at 112.31.