Is this about as good as it gets for USD/JPY buyers today?
Price is moving further away from the 110.50 handle as the dollar remains underpinned ahead of European trading but there are some signs that the top for USD/JPY today may be around current levels.
Daily resistance sits at 111.14 in the form of the 23.6 retracement level and that will be a key level that buyers need to break free of. But also, there are large expiries which may cap any further gains in the pair and they sit at 110.95 to 111.00.
That highlights some decent interest around the 111.00 handle and without major catalysts impacting the market, the pair could see further gains rather limited on the day.
Buyers are back in near-term control of the pair as price breaks above the 200-hour MA (blue line):
However, further upside may require more patience at this juncture. And buyers will also be treading cautiously too as the US political drama isn't quite over just yet and more bombshell headlines could trigger selling in equities - impacting yen sentiment too.