USDJPY MOVES TO NEW 6 WEEK TRADING HIGH

The USDJPY pair has moved to a new six-week trading high during the European session, hitting 113.68, as the greenback continued to strengthen against the Japanese Yen.

Looking to the U.S session, the main risk event for the USDJPY pair will be the release of the FOMC minutes, with traders looking for continued monetary policy divergence between the Federal Reserve and the Bank of Japan.

The USDJPY pair remains strongly bullish on all time frames, only a move below the 113.13 level can negate the positive intraday outlook.

Technical support for the pair is located at the former daily high price at 113.48, and the M5 time frame 200 period moving average at 113.22.

To the upside, further USDJPY price resistance is found at the 113.91 and 114.10 levels, and then the former May monthly price high at 114.31.