USD/JPY is trading at near two-month highs just above 109.00 currently
The dollar strength today is in part helping with the lift but technically, the run above 108.00 and also above the key daily moving averages @ 108.30-40 from two days ago has certainly given buyers stronger conviction to push the agenda after a consolidation period.
Right now, price is closing in on some resistance around 109.23 with the 6 April high @ 109.38 a key level to watch before buyers will start to take aim at the 110.00 handle again.
Despite equities keeping a little softer so far on the session, the pair is advancing still after the technical break and as the dollar is holding firmer in trading today.
For sellers, the challenge will be to keep a daily break under 109.00 but more work needs to be done as they also still have to chase a move back towards the key daily moving averages to get a sense of regaining control in the pair.
