USD/JPY bullish above 110.91 200 DMA

Currently, USD/JPY is trading at 111.91, up 0.58% on the day, having posted a daily high at 111.96 and low at 111.14.

USD/JPY  has spiked to just shy of the 112 handle and highest levels since 25th May as the dollar picks up a bid and the Dow stablises on an overall positive day on Wall Street. Meanwhile, from overnight, the BoJ released a summary of opinions from its June policy meeting and most participants seemed to agree that, despite some improvement in activity, the BoJ is still some from reaching its 2% inflation target, as explained by analysts at Scotiabank.

US Dollar Index recovers and rises back to daily highs, above 97.00

USD/JPY levels

The analysts at Scotiabank suggest that technical momentum is weak at the moment but they think gains through 111.80 would be USD-bullish and point to additional short/medium-term USD gains. 112.12 23rd May highs guard 112.80 on the upside and 16th May highs while to the downside, 111.08 guards 110.41/70 and 108.81 on the wide. 

Analysts at Commerzbank note that the base of its cloud is at 111.82 and they now target the 112.13 24th May high. "Rallies will need to regain 112.13 to retarget the 114.38
recent high. Dips should find initial support offered by the 200 day ma at 110.91."