The U.S dollar has recovered upside momentum against the Japanese yen, after briefly dipping to the 113.68 level on Monday. Price-action currently trades around the key 114.24 level, as the U.S dollar index starts to erase early week trading losses. The USDJPY pair should now be driven by global stock markets and technical trading, as we see a lack of high-impact economic data releases on the United States trading docket this week.
The USDJPY pair remains intraday bullish while trading above the 114.24 technical level, further upside toward the 114.50 and 114.75 levels seems most likely.
Should price-action fail to break above the 114.24 level, sellers will likely push the pair towards the 113.90 and 113.68 levels. Extended intraday support is found at the 113.33 and 112.90 levels.
