The selling pressure around the JPY has not changed today and now drives the pair USD/JPY to a new maximum of two weeks at 110.70. For the moment, the pair is trading at 110.65, a 0.8% more in the day.
Although the pair USD/JPY was unable to close the previous day at 110, didn’t take long for the pair gathered some bullish momentum as risk appetite remained the dominant factor in the markets. All the major stock indices around the world are adding to the strong gains yesterday, reflecting the sentiment improved.
Given that the u.s. actions also point to a rising strong in the opening Tuesday, the pair USD/JPY may continue to provide a bullish move in the american session. In addition, the index of the dollar of EE.U.S. is making another attempt to reach level 99, supporting the rise in the pair. The index was flat on the day coming in at 98.90.
The next target for the pair could be seen in 111 (psychological level) followed by 111.60 (maximum of 10 of April) and 112.20 (maximum of 31 of march).
On the other hand, a break below 110 (DMA 200/ psychological level), the pair could aim to 109.60 (minimum of Monday) and 108.90 (April 21).