USD/JPY moves to a session high of 110.31 currently
Markets are in a calmer mood so far today but all the focus will turn towards Wall Street later to see what traders/investors make do with the decent start to the day so far. USD/JPY has inched up to session highs now as price nears yesterday's high of 110.32.
This comes on the back of stronger sentiment among equities with US futures pointing to gains of over 0.6% currently:
However, that sentiment isn't really shared by Treasuries with yields still sitting at flat levels on the day. That points to cautious sentiment ahead of US trading so the gains posted by stocks so far could very well belie nervous feelings among traders/investors.
For USD/JPY, the near-term bias has remains more bullish as price looks to extend higher. As markets start to settle down and get used to the US-China narrative, the pair could still gain on complacency but just be wary that trade tensions aren't going to go away any time soon. However, I'd be looking at the 100-day moving average @ 110.51 as the next key spot for sellers to lean on in limiting gains for now.
Buyers will have to break above that in order to extend the upside move seen since last week.
