The U.S dollar is trying to recover upside buying momentum against the Japanese yen currency, as the U.S dollar index starts to recover from depressed levels. Price-action is currently trading above the key 110.80 level, after the USDJPY pair found strong technical support around the 110.50 level on Friday. Traders are likely to remain increasingly cautious ahead of BOJ’s interest rate decision and policy statement on Tuesday, as speculation surrounding the reduction of the Central Banks QE stimulus programme mounts.

USDJPY intraday buyers retain control of the pair while price trades above the 110.80 level, further upside towards the 111.22 and 111.48 levels seems possible.

Should the USDJPY pair start to move below the 110.80 level, a sell-off towards 110.50 and 110.33 remains possible.

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