The U.S dollar has rebounded sharply higher against the Japanese Yen, hitting 113.93 during the Asian trading session. The USDJPY pair currently trades close to highs of the day, as rising Japanese stocks and better than expected company earnings boost risk-on sentiment in financial markets. Traders now await the release of the U.S ADP jobs report and the ISM manufacturing PMI for the month of October.
The USDJPY pair is strongly bullish on an intraday basis while trading above the 113.90 technical level. Further upside towards 114.24 and 114.50 remain likely while above this key level.
A failure below the 113.90 level, will likely lead to an immediate decline towards the 113.70 and 113.57 support levels for the USDJPY pair.
