The pair continues to consolidate around 107.50-80 for the most part since last week, with a firm break above 108.00 still proving elusive while downside momentum continues to be limited by the key hourly moving averages - in particular the 200-hour MA (blue line).
That is keeping buyers in near-term control for now despite some slightly positive risk tones in the market, although stock gains have pared back a little to start the session.
For USD/JPY, price action remains largely contained in a consolidation phase for now.
With UK and US markets closed, the pair is unlikely to find any real conviction to break away from that in trading today.
Looking ahead, the risk momentum remains key but the pair also has to balance out the action in Treasuries - which have been rather range-bound for the most part recently.
That said, the technical picture in USD/JPY is pretty clear. For buyers, they need to hold a firm break above 108.00 to challenge the key daily moving averages @ 108.32-42 next. As for sellers, they need to break back below the 200-hour MA to get the ball rolling.