USD/JPY is up slightly to 113.70 today but the gains aren't suggestive of much for now.
The slight nudge higher comes as the dollar is keeping firmer across the board so far. Elsewhere, Treasury yields are slightly more subdued with 10-year yields down 1.5 bps to 1.474%.
Looking at the near-term chart:
Price action continues to reaffirm that key support @ 112.60-72 is holding while any major upside momentum is limited by resistance at the 114.00 level. That is keeping the play in USD/JPY more rangebound at the moment.
The day ahead doesn't promise much but all eyes this week will be on the Fed.
The FOMC meeting on Wednesday will do a lot to outline sentiment in the bond market and rate expectations, so that will ultimately be a key driver for how USD/JPY will proceed next.
But in any case, the technical levels outlined above will provide the best indication of any trend breakouts.
