The US dollar has broken sharply higher against the Japanese yen currency after the greenback received a strong bid following better than expected US economic data. The next bullish target is highlighted in the following USDJPY technical analysis.
March 1, OctaFX – The Japanese yen declined sharply against the USD after the meeting between Donald Trump and Kim Jong Un ended without a deal. In a statement, the United States said that North Korea was asking for sanctions relief while not offering any meaningful concessions on nuclear weapons.
The meeting was the second one in two years. After the first meeting, North Korea committed to lead the ‘complete denuclearization’ of the peninsula but recent reports show that the country has been cheating.
USDJPY technical analysis
The USDJPY pair is trading above its 200-day moving average and holds a strong bullish bias while above the 111.12 level. The next bullish target above the 111.40 level is found at the 112.20 resistance level.
The USDJPY pair is bullish while trading above the 111.12 level, key technical resistance is found at the 112.20 and 112.80 levels.
If the USDJPY pair trades below the 111.12 level, sellers may test towards the 110.80 and 110.40 support levels.
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