USD/JPY is at session highs around 109.25 in European morning trade
The pair is continuing to push higher amid a weaker yen as the risk mood keeps more positive to start European trading today. Equities are posting solid gains while bonds are keeping weaker, putting pressure on the yen to the downside.
USD/JPY is now keeping a firm break above the 109.00 handle as buyers establish near-term control upon a break of the 200-hour MA (blue line) earlier in the day.
The next key resistance area is at the 50.0 retracement level @ 109.32 before we start to see a move back towards the 110.00 handle next.
In the big picture:
The technicals continue to look better for an upside move in USD/JPY as we see price now look to keep a break above the 100-day MA (red line) @ 108.89.
A daily close above that will be yet another win for buyers with the 110.00 handle in sight as the risk mood helps to underpin the pair after the dollar did the hard work last week.
