USDJPY DIRECTION STILL DEFINED BY 110.80 LEVEL
The U.S dollar remains range-bound against the Japanese yen, with buyers and sellers both failing to establish a clear intraday trend in early week trading. The Bank of Japan earlier kept monetary policy unchanged, causing the USDJPY pair to briefly drop towards the 110.58 support level, however, the pair quickly recovered back towards the 110.80 pivot. Going forward, traders will look to a raft of U.S data coming out later this afternoon, and the key 90.00 to 90.50 range on the U.S dollar trade weighted index.
USDJPY intraday buyers retain control of the pair while price trades above the 110.80 level, further buying towards 111.22 and 111.48 still appears likely.
Should USDJPY sellers push the pair below the 110.80 level, a further sell-off towards 110.48 and 110.18 seems possible.