USD/JPY stalls correction, re-takes 115.50

The US dollar regained poise versus its Japanese counterpart in the late-Asian trades, sending USD/JPY back higher towards multi-month highs of 115.62.

USD/JPY bounces-off daily S3 support

The dollar-yen pair stalled a brief downside correction from fresh 10-month highs, as the bulls fought back control amid resurgent USD demand in a risk-friendly market environment, triggered by oil-price rally and bets over an imminent Fed rate hike this week.

Earlier on the day, the yen staged a tepid-recovery, knocking-off USD/JPY to 115.15 lows, in response to BOJ taper and tightening chatter. While upbeat Japanese core machinery orders also offered some respite to the yen bulls. The spot is last seen changing hands at 115.51, up +0.10% on the day.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 115.62 (multi-month high). A break above the last, the major could test 116 (zero figure) and 116.50 (psychological levels) beyond the last. While to the downside, the immediate support is seen at 115 (round number) next at 114.77 (5-DMA) and below that at 114.29 (10-DMA).