The Japanese yen is the best performing major currency so far today
Risk-off sentiment stemming from the equities market hasn't really boosted the yen all too much. For majority of trading so far today, USD/JPY has been trying to make up its mind whether or not to stay above or below the 110.00 level.
Buyers are still in control of the pair despite the slight drop today, as price stays above near-term levels (100 and 200-hour MAs) and buyers are also able to find some support near the 50.0 retracement level at 109.75.
The range today for the pair isn't much - 50 pips between 109.79 and 110.29 - as the FX space looks to have contracted a bit of a hangover post-US non-farm payrolls report.
Anyway, buyers in the pair can look towards GBP/JPY for further evidence that JPY sellers are not quite back in the picture for the time being. The hourly chart for GBP/JPY shows that buyers are able to find support at the 100-hour MA before prices bounced back higher earlier today.
That's some form of encouragement at least. There's not much going on in the FX side of things, so let's hope that it picks up when European markets open.
