The Japanese yen is the weakest performing major currency on the day even in the wake of a weakening US dollar
Japanese traders returned to their desks today, and in turn sent the Nikkei 225 index to a close above 23,000 for the first time since January 1992. If you want to believe in the old inverse correlation between the two, that could be a reason that's helping to keep USD/JPY underpinned.
Adding to that, US 10-year yields are higher on the day by 2 bps to 2.47% and that's another supportive factor to the pair.
Looking at the bigger picture on the charts, we see that the pair bounced off support near the 112.00 level where there is the 38.2 retracement level as well as the 100-day MA.
So far, that's helping buyers to keep the momentum to the upside. Today, buyers leaned on the 100-hour MA to support their case (ignore the dates, it's incorrectly marked yesterday as 4 Jan as well):
Anyway, the dollar may be weak against the other currencies in the major bloc but today there's enough conviction for buyers to prop up USD/JPY. If the above doesn't suffice for you, then there's also BOJ Kuroda reiterating that they will continue with their ultra easing monetary policy.
