USD/JPY holds onto daily gains around 111.00

USD/JPY reached a fresh monthly highs during the European session, with no fresh catalysts behind the move with the greenback still benefitting from last Friday’s comments from Fed Chair Yellen.

USD/JPY rose to a peak 111.44, last seen Apr 28, but then pulled back to settle in a slim range over the last hours, amid low trading volume due to UK bank holiday and US Memorial Day holiday.  At time of writing, USD/JPY is trading at 111.06, clinging to a 0.65% daily gain.

USD/JPY levels to watch

As for technical levels, next  resistances could be faced at 111.44 (May 30 high), 111.87 (Apr 28 high) and 112.45 (100-day SMA). On the other hand, supports are seen at 110.34 (May 30 low), 109.78 (50-day SMA) ahead of 109.40 (May 26 low).