The bears took a breather from the downward spiral and allowed a minor recovery in the USD/JPY heading into mid-Asia.
USD/JPY recovers from near two-week lows
The major manages to recover lost ground somewhat and jumps back on the bids, having found fresh bids near 116.70 region over the last hours. At the time of writing, the major trades 0.11% higher at 116.92 levels, fighting hard to extend the recovery on the 117 handle.
The dollar-yen pair is attempting a minor recovery, which can be mainly attributed to the minor pullback witnessed in the US dollar against its major rivals. The USD index gains 0.12% to 96.62, recovering from a dip to 96.27, fresh four-month lows.
Meanwhile, markets continue to digest the latest series of weak US fundamentals amid higher oil prices, while attention now remains on the highly influential US NFP report due later today for fresh direction on the greenback.
USD/JPY Technical levels to watch
In terms of technicals, the immediate resistance is located at 117.15/20 (1h 20-SMA/ daily pivot). A break above the last, the major could test 117.90/118 (daily R1/ round number). While to the downside, the immediate support is seen at 116.67/50 (daily & Feb 4 Low) and below that at 116/115.96 (psychological levels/ Jan 20 Low).
(Market News Provided by FXstreet)
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