The USDJPY is coming off a strong week of gains as the pair built on its recent bullish momentum and jumped to over 4-month tops. What do the technicals reveal about the pair’s bullish trajectory in the near-term? Find out in this 21 May USDJPY Intraday Technical Analysis.
21 May, OctaFX – The USD/JPY pair built on its recent bullish momentum and jumped to over 4-month tops, around the 111.30-40 band, during the Asian session on Monday.
USD/JPY gains further beyond 111.00 handle
The US dollar continues to move higher against the Japanese yen currency, with price moving to a new monthly trading high this morning, hitting 111.23. The USDJPY pair currently trades around the 111.20 level, and remains strongly bullish on an intraday basis while trading above the key 111.00 level.
Adding to this, easing trade tensions between the world’s two-largest economies triggered a fresh wave of global risk-on trade on Monday and further weighed on the Japanese Yen’s safe-haven appeal, offsetting better-than-expected trade balance data from Japan.
Traders look towards the next move in the US dollar index, and scheduled speeches from FOMC members Bostic, Harker and Kashkari.
21 May USDJPY Intraday Technical Analysis
- The USDJPY pair is intraday bullish while trading above the 111.00 level, resistance is currently found at the 111.47 and 111.99 levels.
- If the USDJPY pair moves below the 111.00 level, sellers may test towards the 110.55 and 110.00 support level.
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