USDJPY RECOVERY TO STRENGTHEN ABOVE 111.00
The US dollar continues to gain ground against the Japanese yen currency, as global equity markets rebound after Federal Reserve Chair Jerome Powell’s hawkish speech on Wednesday. The USDJPY pair is currently trading around the 110.60 level, as the recovery from the early-week drop to the 109.54 support level gathers pace. Buyers will look for further gains above the 111.00 level, while sellers will try to move price below the key 110.25 level.
The USDJPY pair is strongly bullish while trading above the 111.00 level, further gains towards the 111.39 and 111.70 levels remains possible.
If the USDJPY pair falls below the 110.25 level, sellers will likely test towards the 110.00 and 109.54 levels.