USDJPY BULLISH RECOVERY ABOVE 106.45 LEVEL
The U.S dollar has surged higher against the Japanese yen currency, hitting 106.94, as the Bank of Japan policy meeting revealed Japanese policy makers commitment to monetary easing. The USDJPY pair currently trades around the 106.70 level, with risk-sentiment buoyant after U.S President Donald Trump agreed to meet North Korean leader Kim Jong-Un. Traders now look to the release of the U.S Non-farm payrolls job report this afternoon, with market participants expecting 200,000 new U.S jobs were creating during the month of February.
- The USDJPY pair is likely to see further upside whilst trading above the 106.45 level, further gains towards 107.30 and 107.66 seem possible.
- If the USDJPY pair moves below the 106.45 level, a technical correction back towards the 106.00 handle may occur.