USDJPY MOVES TO NEW MONTHLY PRICE HIGH

The USDJPY pair has moved above the May 10th price high, and traded towards a new monthly price high, at 114.47. During a quiet European trading session, the USDJPY found a strong bid tone, as investors continue to trade the policy divergence between the Bank of Japan and the Federal Reserve Bank.

At present, the pair has backed away from the new monthly price high, and trades around the 114.30 level, just below the 114.36 level, which was the former May monthly swing price high.

The USDJPY pair remains strongly bullish on all time frames, with technical traders now turning their focus to daily price closes above the 114.36 level, for further confirmation that price will continue to the upside.

Key technical resistance is now located at 114.47, 114.81 and the psychological 115 level.

To the downside, support is found at the daily pivot point at 114.13, and then the H4 time frame 50 period moving average at 113.81.