USD/JPY is a little higher on the day as markets observe more calm
The pair is holding just above the 109.00 handle now, trading at session highs as we see markets take the coronavirus headlines in stride today.
Price moved towards testing the 100-day MA (red line) yesterday but the level held and that's a win for buyers from a technical perspective at least.
But in the near-term, buyers will have to try and make their way back above the 100-hour moving average @ 109.37 to build further upside momentum.
As such, the 109.00 handle is seen as sort of the mid-point between identifying a more risk-off move towards the 100-day MA @ 108.73 or a more risk-on move towards the 100-hour moving average @ 109.37.
Those will be the two key defining levels for USD/JPY as we look to navigate through the trading day ahead.
On the downside, further support is seen at the 200-day MA (blue line) @ 108.48 before moving towards swing region support around 108.25 and then the 107.90-00 region.
Meanwhile, for any upside move, further resistance is seen closer to the 109.60-70 region with the 200-hour moving average sitting @ 109.73.
