The dollar/yen was 0.59 percent higher at 113.04 as of 14:00 GMT on Monday amid low activity levels ahead of the Independence Day holiday.

A large number of traders opted to stayed out on Monday to match the weekend with Tuesday’s holiday, leaving trading volumes below average.

However, the greenback continued to strengthen across the board, with the US dollar index up by 0.48 to trade at 95.88 by the time of this writing.

The American currency remains supported by a better than expected first quarter gross domestic product, which was upgraded to 1.4 percent from a prior 1.2 percent reading.

This particular pair is now depending entirely on expectations for further monetary policy adjustments in the United States. In this line, investors are keeping their eyes wide open ahead of the release of Fed’s June meeting minutes on Wednesday.

Market participants will be looking for hints on the timing of the next Federal Reserve interest rate hike. Despite downbeat economic data received in the last few months, Fed Chair Janet Yellen recently reassured that a third rate increase is still on the agenda.

The Institute for Supply Management published its manufacturing PMI for June earlier in the day, which came in at 57.8 compared to expectations for a 55.2 reading.

It’s likely that the pair will continue to move carefully until after the holiday and as traders understand a bit better what is Fed’s intention concerning monetary policy ahead this year.