USD/JPY is off the lows and now trades close to the figure level
Near-term bias still favours sellers as price remains below both key hourly moving averages but a bounce off the 110.80 level and daily support @ 110.85 (shown below) is helping to provide a base for buyers currently.
Right now, we're trading near the 111.00 handle once again with a large expiry at the figure level being something of interest to note. That may very well be a magnet for price action in the coming sessions until it rolls off at 1400 GMT.
That aside, there is also a combined expiry of more than $1 billion between 111.25-30 (near the 100-hour MA) so that is something to consider as well if price moves higher later on. The expiries there could act as a cap for price action given the lack of catalysts we have seen so far in trading today.
There isn't much else to go on for the pair right now apart from these levels as price action is kept contained by them. Stay below the two key hourly moving averages and near-term bias remains bearish but downside is limited to support around 110.70-80 with daily support seen at 110.85:
As for buyers, there is a need to move above the two key hourly moving averages and also break the downside trendline on the hourly chart in order to make a run to test the 112.00 handle again.
