USDJPY ONLY INTRADAY BULLISH ABOVE 111.22
The U.S dollar has moved higher against the Japanese yen in early Tuesday trading, as the U.S dollar index stages a recovery towards the 90.50 level. The USDJPY currently trades around the 110.90 region, after the pair quickly fell towards the 110.30 support level during a volatile Monday trading session. Traders now look to the next directional move in the U.S dollar index, and the return of United States financial markets, after the Martin Luther King Day holiday.
USDJPY sellers retain control of the pair while price trades below the 111.22 level, further intraday losses towards the 110.33 and 109.80 are expected.
Should the USDJPY pair start to move above the 111.22 level, a recovery towards 111.45 and 111.74 remains possible.