USDJPY HOLDING FIRM DESPITE U.S DOLLAR WEAKNESS
The USDJPY pair continues to hold above the 112 level, underpinned by rising U.S Treasury yields, and remaining well supported despite broad based U.S dollar weakness.
Later today the pair will look to U.S first quarter gross domestic product figures, and weekly U.S jobs data. The Japanese macroeconomic calendar is fairly busy on Friday, with the release of June inflation figures, and Japanese industrial production data.
The USDJPY pair remains bullish in the short term, with dip buying still being seen on pullbacks below the 112 level.
Lower time frame technical support is found at 112.11, and the M5 time frame 200 period moving average, at 112.23.
In the medium term the USDJPY pair remains capped by the daily time frame, 200 period moving average at 112.50.
Strong technical resistance above the 112.50 level is relatively light until the USDJPY pair reaches the 113.22 level and former swing high at 113.86.