USD/JPY has been in recovery mode over the last few sessions, testing the 10 dma at time of writing in Tokyo's open. USD/JPY has recovered from recent lows of 107.86 and has scored a high of 109.47 as the greenback bounces back across the board. Fed speakers were optimistic and more hawkish yesterday, relieving the dollar from the post Yellen New York speech. Risk (supportive if USD/JPY upside) and commodities (not so supportive of the dollar) have bounced back as well, but still we are seeing a recovery in major. "Brent crude oil from its low on 11th February has jumped by nearly 50%. So broader financial market conditions are to some extent at least countering the disinflationary impact from the surge of the yen," explained Derek Halpenny, analyst at Bank of Tokyo Mitsubishi. USD/JPY levels Nevertheless, Valeria Bednarik, chief analyst at FXStreet suggested that the long term picture is still bearish, as it will take a recovery beyond 110.60 to support a steadier recovery in the pair. "In the 4 hours chart, the Momentum indicator turned south in overbought territory, but the RSI holds near 60, limiting the risk of a downward move for this Thursday." For more information, read our latest forex news.