The Japanese yen weakened after the BoJ slashed growth forecasts due to pandemic curbs.
The greenback has met buying interest at 109.70, a major demand zone on the daily timeframe. A successful rebound would safeguard the rally in the medium term.
An oversold RSI has prompted the bulls to stake in for a bargain as it recovers to the neutral area.
The support-turned-resistance at 110.50 is the first hurdle, its clearance could propel the price to the psychological level of 111.0.
