USDJPY WEAK CORRECTION HIGHER UNDERWAY
The US dollar has started to move higher against the Japanese yen, after sellers failed to contain price below the 110.46 support level. The USDJPY pair may start to trade back towards the 111.00 level, with price-action currently suggesting a weak corrective-move is underway. Traders now await the release of key jobs data from the United States economy and the FOMC Meeting Minutes later today.
The USDJPY pair is only bullish while trading above the 110.46 level, further upside towards the 110.80 and 111.00 levels remains possible.
If the USDJPY pair trades below the 110.46 level, sellers will likely test the 110.25 and 110.00 support levels.