USD/JPY now struggling to clear 116.00 barrier

The USD/JPY pair regained traction at lower level and recovered all of its early lost ground, albeit ran through some fresh offers near 116.00 handle. 

Currently trading around 115.85-90 band, a fresh bout of US Dollar buying interest helped the pair's recovery from session low near 115.20 region. Moreover, revising investor risk-appetite, as depicted by recovery in European equity markets, further contributed to the pair's up-move during mid-European session.

Meanwhile, the recovery momentum lacked conviction as investors remained cautious and seemed inclined to lighten their bullish positions ahead of Donald Trump’s scheduled news conference. Moreover, renewed concerns about 'hard Brexit' continues to weigh on investor sentiment and might contribute towards restricting further upside for the major. 

Later during NA session, the release of JOLTS job openings from the US might provide some impetus for short-term traders.

Technical levels to watch

Immedaite support is seen near 115.70 level below which the pair is likely to head back toards 115.35 intermedaite support, en-route 115.20-10 strong support area. Conversely, sustained move back above 116.00 handle might now trigger a short-covering rally towards 116.50-55 resistance ahead of 116.85-90 hurdle.