The U.S dollar has recovered above the key 105.24 level against the Japanese yen, as risk-on trading sentiment spreads through global financial markets. Reports that China is preparing to concede on a number of key trade issues with the U.S, has seen traders move away from the perceived safety of the Japanese yen currency. The USDJPY pair retains a bullish intraday bias whilst trading back above the 105.24 level, with traders now look to the release of March U.S Consumer Confidence data.
The USDJPY pair is bullish while trading above the 105.24 technical level, further upside towards 106.00 and 106.45 remains possible.
Should the USDJPY pair fall back below the 105.24 level, price-action will turn bearish, with key support then found at 105.00 and 104.64 levels.