The U.S dollar is retracing lower against the Japanese yen currency in early Monday trading, with price-action finding strong support around the 109.77 level. The USDJPY pair hit 110.48 on Friday, following a better than expected 200,000 Non-farm payrolls job number and a solid increase in U.S monthly wage earnings. The pair has come under slight selling pressure, as the Japanese Nikkei225 Index suffers triple-digit intraday losses and the U.S dollar index gives background from Friday.
The USDJPY pair still retains a bullish bias while price-action trades above the 109.77 level. Further upside towards 110.18 and 110.48 seems likely.
Should sellers manage to push the USDJPY pair below the 109.77 level, we may see a correction back towards the 109.44 and 108.98 levels.
