Trading sentiment in the pair is basically driven around by Treasury yields this week, with the climb in yields on Tuesday pushing price action in the pair to a high of 110.45 before falling back to the lows yesterday around 109.62.
As yields bounce back a little today after the 10 and 30-year note auctions, USD/JPY is also back up a little to 109.90. The light bounce also comes as the risk mood is faring better as we look towards European morning trade on the day.
However, the chart continues to tell us that the pair isn't really going anywhere any time soon. The confluence of the key hourly moving averages near 110.00 is limiting any upside momentum for the day and even then, there is still key daily resistance further out at 109.60-70 and that arguably requires a breakout in Treasury yields for buyers to manage any meaningful technical breakthrough.
As such, we're ending the week pretty much how things started and the same can arguably be said for quite a number of assets in trading this week - at least in terms of sentiment.