Key Resistance: 111.10 – 111.60
The USDJPY is in a very structured bullish move from the lows in April 23rd (+3.90%). After hitting the high around the 111.70 level last week price has dropped 1.13% to retest the previous base around the 110.40 level.
The USD is rallying hard at the moment and we are looking to jump in on a dip buy here at the break of today’s highs. Whilst the DXY is breaking last week’s highs, the Japanese Yen Futures continue to be under pressure and are retesting this week’s lows.
If the Yen breaks the lows and the USD continues to rally we have the prefect setup to go long on the USDJPY at the break of today’s highs.
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