USDJPY TESTS RESISTANCE CONFLUENCE
The USDJPY has opened the new trading week with renewed bullish trading momentum, with the pair moving to an eight-week trading high, hitting 111.42, during the European trading session.
Price-action is currently trading around a confluence of critical technical resistance, with both daily and weekly 200-period moving averages, and the USDJPY monthly pivot point all situated within a 20-pip radius of each other.
The USDJPY pair threatens further bullish advancement whilst trading above the 110.68, a series of higher-frame price closes above the 111.65 level would signal a major upside technical break-out.
Key intraday technical resistance is located at 111.48, 111.58 and 111.65. Above the 111.65 level, price-action should initially target 112.30 and 112.80.
To the downside, key technical support is located at the 100-week moving average, at 111.17, with further support at 111.04.
Below the 111 level, further intraday support is found at 110.84 and 110.68.