The U.S dollar is starting to recover upside momentum against the Japanese yen, as the U.S dollar index bounces from its recent trading lows. Despite the risk-off trading sentiment continuing through Asia the USDJPY pair is starting to attack the 111.34 resistance level once more. Traders now look to a key-note speech from incoming Federal Reserve Chair Jerome Powell, and U.S Consumer Confidence data for the month of November.
Should price action hold above the 111.34 technical level, intraday buyers may look to test the 111.72 level again, with a possible deeper retrace towards 112.20 level..
If USDJPY buyers fail to hold the 111.34 level again, a continuation of the down-move towards 110.90 and 110.60 seems most likely.
