USDJPY INTRADAY BULLISH ABOVE 109.44 LEVEL

The U.S dollar has recovered upside momentum against the Japanese yen, after the Federal Reserve struck a bullish tone towards U.S inflation at Wednesday’s policy meeting. The USDJPY pair has now broken above key daily resistance, with price-action currently trading at the highs of the week, around the 109.70 zone. Going forward, the upcoming release of the ISM Manufacturing data and tomorrow’s January Non-Farm Payrolls job report, should dictate the next directional move in the pair.

• Bullish momentum is gathering in the USDJPY while price trades above the 109.44 level, further upside towards 110.18 and 110.58 seems possible.

• Should sellers push the USDJPY pair below the 109.44 level, we may see a correction back towards the 108.98 and 108.58 levels.