USD/JPY recovers back above 110.00 handle
|The USD/JPY pair has managed to recover majority of the early losses and rebounded around 40-pips from session lows near the 109.65 region.
With investors looking past Wednesday's dovish FOMC meeting minutes, a goodish US Dollar recovery helped the pair to move back above the key 110.00 psychological mark. A modest uptick in the US Treasury bond yields, which tend to underpin the greenback demand, extended some immediate support to the major.
The recovery move, however, lacked any strong follow through traction and the pair continued holding in negative territory for the second consecutive session amid prevalent cautious environment, which tends to benefit the Japanese Yen's safe-haven appeal.
Today's second-tier US economic data - weekly jobless claims, Philly Fed Manufacturing Index and industrial production, would now be looked upon for some trading impetus ahead of a scheduled speech by Dallas Fed President Robert Kaplan, later during the NY session.
Technical levels to watch
Immediate resistance on the upside is pegged near 110.25 level, above which a bout of short-covering could lift the pair towards 110.65-70 strong horizontal resistance en-route the 111.00 handle.
On the downside, the 109.65-60 region remains an immediate support to defend, which if broken could accelerate the fall back towards 109.15 horizontal support en-route near 4-month lows support near the 108.75-70 region.
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