USD/JPY pushes higher towards 108.50 currently

USD/JPY D1 02-03

US futures and Treasury yields are creeping higher in early European trading and that is pushing yen pairs higher on the day, with USD/JPY now back up above its 200-day MA (blue line) @ 108.40.

The rebound comes after price made a low near the 107.00 level with the market switching its focus towards global central bank stimulus amid persisting virus concerns.

Dead cat bounce? Let's see.

The 109.00 level will be crucial with the 100-day MA (red line) @ 109.23 a key pivot point for a switch towards supporting a further upside rebound in the sessions ahead.