USDJPY BUYERS RETAIN CONTROL ABOVE 113.89
The U.S dollar continues to ease around the 114 level against the Japanese yen, after the announcement of the new FED Chair Jerome Powell had been in-line with what market participants had been expecting. The USDJPY pair showed a muted reaction after the news, with price-action continuing to trade just below the three and a half month high, at 114.44. Traders now await the release of the U.S Non-farm payrolls job report, with 300,000 new U.S jobs expected to be created in October.
USDJPY buyers retain control of the pair while price-action holds above the 113.89 level. Further intraday buying towards the 114.24 and 114.50 levels remains most likely.
If intraday USDJPY sellers push price-action below the 113.89 level for a sustained period, a further decline towards the 113.57 and 113.33 levels remains the most likely scenario.