USD/JPY runs into a test of the 200-hour moving average
Buyers are looking to seize near-term control now as price moves higher after a bit of a nudge higher in US equity futures and bond yields.
S&P 500 futures are up by 0.2% now after a reported large order - around $1.5 billion - coming through in the past hour, stirring the positive risk mood a little. Meanwhile, US 10-year yields are at session highs, up by 1.5 bps to 1.846%.
That is keeping some upwards pressure in yen pairs while at the same time weighing on the likes of gold as well to start the European morning.
For USD/JPY, look towards the 200-hour MA (blue line) and offers/resistance around the 109.00 handle next. If buyers can hold a break above these levels, it could help to see a more trending move towards testing 109.25 and 109.50.
