USD/JPY touches a session high of 110.14
Notably, bond yields are also inching a little higher to start the session with 10-year Treasury yields up by about 1 bps to 1.57% currently. That is helping to see yen pairs inch higher with USD/JPY touching a one-month high of 110.14.
But just be mindful that buyers still have work to do with further resistance seen around 110.25-30 next, as seen in the bigger picture:
The bright side is that the near-term bias is favouring buyers right now but there is more work to be done in order to secure a more meaningful break to the topside from here.
Further resistance after the January highs is then seen around 110.50 next. As such, it is hard to see the upside momentum extend by too much for now.
Meanwhile, any downside pressure still has to go through support around 109.83 (confluence of the key hourly moving averages) and the region around 109.60-75.
