Buyers start to state their case in USD/JPY

USD/JPY rises to a high of 111.30 on the day


The yen is falling across the board to session lows currently as Treasury yields are inching higher and Chinese equities are continuing to rally. USD/JPY has meanwhile moved higher to break above the 100 and 200-hour MAs. Hold above and the near-term bias then turns more bullish.

The Shanghai Composite is now up by 1.2% on the day and it is sparking a move higher in Treasury yields as well as US equity futures as well. That is helping to keep yen pairs underpinned as the session begins.

For USD/JPY, there is resistance to come from the 23.6 retracement level @ 111.34 but also the daily resistance @ 111.40 as highlighted earlier here. The latter will be a key level to watch out for into the close today and if buyers are able to hold above that, it is a good platform for the bullish momentum to start building on.

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