USDJPY ATTEMPTING RECOVERY

The USDJPY pair has recovered towards the 113.58 level during the Asian session, as rising global stocks markets and renewed risk-on trading sentiment helps to lift the U.S dollar against the Japanese Yen.

The USDJPY pair now looks to a busy U.S session, as a series of high impact data point are released for the United States economy. June inflation figures headline the economic docket, closely followed by retail sales and the Michigan confidence survey.

The USDJPY pair is now bullish on all time frames, and trades back up above the weekly pivot point, located at 113.35.

Furthermore, the USDJPY pair is also creating a bullish inverse head and shoulders price pattern over the lower time frame charts.

Technical USDJPY support is located at the daily pivot point, at 113.29. Critical support is found at the 113.08 level and the 200 day moving average, at 112.85.

Resistance is found at the recent swing price high at 113.73,  the key 114.10 level, and the May price high, at 114.36.