The U.S dollar has recovered against the Japanese yen, following the release of the FOMC Meeting Minutes, hitting a weekly price-high of 112.77. The minutes showed that most FOMC members continued to see the need for gradual rate hikes in the U.S economy, boosting the U.S dollar index. Price-action on the USDJPY pair has slipped away from the daily high, and trades the 112.57 level. Moving into the European trading session, traders will watch the pairs 100-day moving average, at 112.48, and the key 92 level on the U.S dollar index.
Sellers currently retain control of the pair while price-action trades above the key 112.48 level. Further buying towards 112.70 and 113.10 remains possible.
Should the USDJPY pair move below the 112.48 level, sellers are likely to move price toward the 112.30 and 112.03 levels.
