The U.S dollar has started to correct against the Japanese yen, after finding interim support around the 111 level on Thursday. The USDJPY pair currently trades around the 111.44 level in a quiet Asian trading session, as Japanese markets return from Thanksgiving holidays. The Bank of Japan have reduced their JGB buying today in the bond market, however traders have not taken this as Yen bullish, as the USDJPY slowly pushes back towards its key 200-day moving average.
The USDJPY pair is likely to continue to correct while price-action holds above the 111.34 level. Further upside towards the 111.72 level remains possible.
Should price action decline below the 111.34 level, sellers may look to test the 111 level, and target the 110.66 region.
