USDJPY TRADES ABOVE 200 DAY MOVING AVERAGE

The USDJPY pair has made strong gains during the European session, hitting an intraday high of 112.63, as the strong bid tone continues to build momentum.

The pair is now trading above the crucial 200 day moving average for the first time since May 26th. Traders now look to key first quarter GDP data from the U.S economy, which should provoke the next directional move in the USDJPY.

The USDJPY is increasingly bullish on all time frames, with higher frame moving average indicators pointing to further USDJPY intraday gains.

The former daily high at 112.41 is near-term support for the pair, with the daily pivot point at 112.18 offering further intraday support.

Should the USDJPY establish a series of daily price closes above the 200 day moving average, the pair should then proceed to move into a new upside price range, between 112.70 and 113.88.