New Bank of Japan governor Kazuo Ueda vowed to keep on with his predecessor’s ultra-loose monetary policy.

The USD/JPY pair hit an intraday high of ¥134.70, a level last seen five weeks ago. The greenback kept pressing higher against a weaker yen for a third straight day today before turning flat. Several factors contributed to the sustained rally. And, yes, technical analysts will get a shout out.

First off, Japan’s central bank vowed to stick with its decade-long ultra-loose monetary policy. The newly appointed Bank of Japan governor Kazuo Ueda pledged to walk in the footsteps of his predecessor Haruhiko Kuroda and keep rates super low for the foreseeable future.

In addition, the US dollar appears to have found its feet after days of wandering in the southern regions. And finally, the USD/JPY exchange rate crossed two key technical levels – the 50-day moving average and the 100-day moving average, propelling another leg higher on Monday.