USD/JPY rises for a third straight day, now at 112.98

The upside move was previously capped by the 200-hour MA (blue line) and the 61.8 retracement level on the hourly chart.

Once buyers broke free of that, we're seeing a shot in the arm towards 113.00 now.

I highlighted yesterday that the bounce comes after the pair tested the 100-day MA here. It seems that Japanese traders coming back from the extended holiday has really helped to give the pair a lift for the time being.

In other markets, US 10-year yields are unchanged on the day at 2.45%, while the Nikkei is higher once again by 0.88% (solid gains, but pales in comparison to yesterday's jump).

Anyway, buyers are in control right now and the pair looks poised to continue the momentum higher for the time being.