USD/JPY stays more upbeat on the session, moves to a high of 106.48
Amid the better mood in the equities space today, buyers are putting up a bit of a defense at the 106.00 handle – leaning on the figure level and trendline support to prop up the pair back towards the 106.50 level currently.
For buyers, moving back above the 50.0 retracement level @ 106.45 on the daily will be a key victory ahead of the end of the week and may also help to provide yen pairs with some support across the board.
The move higher today puts the focus back on near-term levels for now:
Notably, price is moving towards a test of the 100-hour MA (red line) @ 106.56 with the 200-hour MA (blue line) not far away @ 106.72.
Those will be key levels to watch – alongside a potential daily close above 106.45 – should buyers try to chase a further upside move in the coming sessions.
Meanwhile, downside support is seen closer to 106.00 and it will be important for buyers to defend the key near-term levels pointed out above to keep a more bearish bias.