USD/JPY inches higher as currencies trade more risk-on to start the day
The pair is once again closing in on the 110.00 level after testing the key figure level last week, before backing off slightly amid some risk aversion on Friday. So far today, risk is faring a little better and that is helping to give the yen pairs a slight lift across the board.
And once again, we are seeing USD/JPY on the verge of testing the 110.00 level as buyers are trying to keep the more bullish near-term bias going this week.
Looking at the near-term chart:
Price is still keeping above the 100-hour MA (red line) after several attempts to break below it with minor support around 109.65-70 also helping to play a role in limiting the downside movement in overnight trading.
As such, the technical bias in the pair remains in favour of buyers but a break of 110.00 with further resistance of 110.25-30 still needed to extend the upside momentum.
Meanwhile, sellers will have to work towards a break of the 100-hour MA to establish more downside bias in the pair with further support seen closer towards 109.50 and then the 200-hour MA (blue line) @ 109.33.
