USD/JPY trades back up to a session high of 110.14
The pair was keeping a little lower earlier in the session with the dollar mildly softer across the board but buyers managed to put up a defense of the 100-hour moving average (red line) at the lows near 109.89.
That is keeping the near-term bias more bullish although there minor resistance close to 110.20 is still limiting gains so far on the week.
The past few days basically just signals that the pair is still caught in a push and pull, though buyers are hoping to try and make some headway above the 110.00 level.
In the bigger picture though:
There is firmer resistance around 110.50 and then at the daily resistance around 110.70-80, which are still key levels capping any major upside momentum in the pair.
Looking past Jackson Hole, a lot will ride on sentiment in the bond market and unless yields threaten to build off the double-bottom pattern from the July and August lows and push above 1.40%, any major push in USD/JPY towards 111.00 may be undermined.
