YEN LOWER AFTER WEEKEND ELECTIONS
The USDJPY pair is trading higher in early Monday trading, as the Japanese Yen currency moves lower after Japanese Prime Minister Shinzo Abe's Liberal Democratic Party suffered a crushing defeat in the Tokyo Metropolitan Assembly election.
Further selling pressure was added to the Japanese Yen, as the special adviser to Prime Minister Shinzo Abe has stated that Bank of Japan Governor, Haruhiko Kuroda, should not be reappointed as Bank of Japan Governor.
The USDJPY pair remains bullish in the short and medium term, with moving average indicators turning up on all short-term time frames.
The pair also remains strongly bullish on an intraday basis whilst clearly trading above the daily and weekly pivot points, calculated at 112.16 and 112.26.
The 200 day moving average at 112.66, still remains a major upside hurdle for the USDJPY pair, with the pair unable to close price above the 200 day moving average on a daily basis, during the whole month of June.
Resistance for the USDJPY pair above 112.66, is currently located at the former weekly high at 112.91, and 113.22.