The USDJPY pair held on to its strong gains near six month tops and had a rather muted reaction to the mixed US macro data. What next should traders expect? Gain insight into today’s 12 July USDJPY Technical Analysis.
12 July, OctaFX – The US dollar continues to press higher against the Japanese yen currency, following a major technical-break above the 111.39 level on Wednesday.
The USDJPY pair is moving towards the 112.50 level, with buyers likely to target the 113.00 resistance level over the coming trading-sessions. Buyers may target the December 2017 trading-high around the 113.40 level, while sellers will look to push price back towards the 111.39 level.
12 July USDJPY Technical Analysis
- The USDJPY pair is strongly bullish while trading above the 111.39 level, key resistance is now found at the 113.10 and 113.40 levels.
- If the USDJPY pair fails around current trading levels, the 112.00 and 111.39 levels offer major technical support.
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