The US dollar rallied a bit against the Japanese yen during a quiet session on Tuesday, as we continue to grind higher. I believe that the 115 level needs to be broken above to continue going to the upside, and thus it’s only a matter of time before we break above there and start reaching towards the 118.50 handle. Pullbacks of this point should continue to be buying opportunities, as there is so much support at the 112 regions, extending down to the 111.50 level. I believe that the Federal Reserve raising interest rates this year will continue to drive this pair higher.
Written by FX Empire