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The post-US CPI greenback selling seems to have abated, helping the USD/JPY pair to recover around 60-70 pips from the lowest level since April.
A sharp recovery in the longer-term (10 & 30-yrs) US Treasury bond provided some immediate respite to the US Dollar bulls and attracted fresh buying interest at lower levels.
• US Dollar bounces off lows post-US CPI
This coupled with first signs of stability in global financial markets, as depicted by a goodish recovery in equity markets, further dented the Japanese Yen's safe-haven appeal and collaborated to the pair's sharp recovery to session tops near the 109.40 region.
The up-move, however, lacked conviction and the pair quickly retreated back closer to the 109.00 handle amid repositioning trade ahead of the weekend. Nevertheless, the pair remains on track to post the fifth consecutive week of losses and is positioned for the lowest weekly close since mid-April.
Technical outlook
Valeria Bednarik, Chief Analyst at FXStreet writes: "The 4 hours chart shows that the price remains far below bearish moving averages, whilst technical indicators are resuming their declines within bearish territory and after correcting extreme oversold conditions, in line with further slides ahead on renewed selling interest below 108.80 the immediate support. If the level gives up, the next probable target is 108.12, this year low set last April."
