USD/JPY climbs to a high of 107.18 on the day
The pair is racing higher as buyers are extending the recent upside momentum, breaking above its key hourly moving averages and moving about some mild resistance around 106.74 towards the latter stages of last week.
The near-term bias is now more bullish and buyers took another win, exerting more control now on a move back above the 107.00 handle.
Essentially, the rebound from 106.00 and back above 106.45 towards the end of last week pretty much sent a message to yen pairs across the board that price action is turning the other way as the breakdown failed to crack below the trendline support as well.
In turn, now price is breaking above the trendline resistance instead and that will give buyers more reason to chase a further move to the upside with the 30 April high @ 107.50 in sight. Beyond that, further resistance is then seen closer to the 108.00 handle again.
There isn’t much news driving the move here as it is largely technical. US futures are keeping mildly higher while Treasury yields are little changed on the day still.