The U.S dollar has recovered bullish momentum against the Japanese yen, as risk-off trading sentiment lessons and overall demand for greenbacks return. Both MACD and medium-term Stochastic indicators continue to rise, with the USDJPY pair now trading around the 106.45 level, after earlier surging towards the 106.66 level. Traders now look to the release of the U.S ADP jobs report, and further technical confirmation that the U.S dollar index can continue to make gains above the key 90.00 mark.
The USDJPY pair remains intraday bullish whilst trading above the 106.45 level, further upside towards the 107.00 and 107.28 levels seems possible.
If the USDJPY moves below the 106.45 level for a sustained period, a deeper correction towards the 106.00 support level remains possible.
