USDJPY INTRADAY BULLISH ABOVE 112.20 LEVEL
The U.S dollar is starting to regain upside momentum against the Japanese yen, as sellers failed to hold price-action below the 11.20 technical level. The USDJPY pair currently trades around the 112.60 level, although the rally started late on Wednesday, following better than expected ADP job figures yesterday. The USDJPY is also being pulled higher by gains in the Japanese stock market, with the Nikkei225 erasing weekly trading losses, and moving higher by 1.5 percent. Traders now look to third fiscal quarter GDP figures coming from the Japanese economy later today.
Should price action continue to trade above the 112.20 technical level, further upside towards the 112.80 and 113.10 levels appears likely.
If the USDJPY pair move back below the 112.20 level, further losses toward the 111.90 and 111.58 levels seems possible.