USD/JPY attempting recovery once again on 114 handle

The USD/JPY pair is seen trading quite choppy so far this session, with the bulls making yet another attempt to take on the recovery above 114 handle.

The spot was last seen exchanging hands at 114.14, having posted a day’s low at 113.84 and a day’s high at 114.28. Risk-off sentiment appears to have cool-off a bit amid a minor-recovery seen in the Japanese stocks, which in-turn diminishes the safe-haven bids for the yen, now pushing USD/JPY back above 114 handle.

However, further recovery looks to lack momentum as the greenback meanders near lows versus its main competitors, as the treasury yields keep losses.

Further, markets remain cautious ahead of the UK PM May’s speech on Brexit, which may point towards huge economic uncertainties for the British economy and therefore, could trigger another bout of risk-aversion across the financial markets.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 114.35 (5-DMA). A break above the last, the major could test 115 (zero figure) and 115.50 (psychological levels) beyond the last. While to the downside, the immediate support is seen at 113.73 (Jan 12 low) next at 113.50 (key support) and below that at 113 (round number).