The U.S dollar has gained ground against the Japanese yen, with price-action moving back towards the 109.70 level following a renewed demand for greenbacks. The USDJPY has gradually moved higher, after yesterday finding strong dip-buying demand around the pivotal 108.98 technical level. Going forward, the ongoing recovery in risk-sentiment and broad-based U.S dollar strength remain the key drivers for the pair on Thursday.
The USDJPY pair remains intraday bullish while price-action trades above the 109.44 level, further upside towards 110.00 and 110.40 seems possible.
Should the USDJPY pair start to trade below the 109.44 level for an extended period, we may see a correction back towards the 108.98 and 108.70 support regions.