USDJPY SURVIVES TECHNICAL RETEST

Heading into the U.S session, the USDJPY pair continues to trade higher towards the 112 level, after briefly turning lower in the European session, as technical traders probed the key 111.50 region, for further bullish confirmation.

The USDJPY pair now looks to U.S consumer confidence data, and a keynote speech from Federal Reserve Chair Janet Yellen, who is speaking in London, towards the European session market close.

The USDJPY pair is bullish on medium and short term time frames above the 111.45 support level. The pair is also now trading above the calculated monthly pivot point at 111.81.

Should the pair manage to trade above the 200 day moving average at 112.41, the May 16th daily price bar offers USDJPY a large area to target, with the price range stretching from 112.66 up to 113.77.