USD/JPY touches a high of 110.22 on the day
Buyers are keeping the pair well bid above 110.00 in trading today after breaking above the figure level overnight. The pair failed at a move to break above the 200-hour MA (blue line) earlier in the day but looks towards attempting a break of said level now. The 200-hour MA currently sits at 110.19.
The Nikkei continues to inch higher on the day, helping to underpin the pair. The index is now trading at session highs, almost up by 1% on the day heading into the close.
Looking at the daily chart though, there is also resistance seen in the form of the 200-day MA (blue line) @ 110.25. That makes the region between 110.20-25 a key area for buyers to break above and hold into the close in order to see an extension to the upside.
A breach there will help to set up a move towards offers near 110.50 followed by the resistance level near 110.85 - where last week's highs failed to break above.
