USD/JPY is up 0.2% to 109.55 currently
The high today hit 109.66 as buyers are seeing gains stall at the 61.8 retracement level of its April downswing @ 109.63 for the time being.
But in the bigger picture, buyers are sticking with the rebound and a break above the resistance hurdle above sets the stage for a potential retest of the 110.00 handle next.
That said, a lot will still ride on the momentum in Treasury yields (in that lieu, the reflation narrative) so there’s that to consider when viewing yen pairs as well.
For now though, buyers are looking more poised with near-term technical support levels seen closer to 109.00 and then the key hourly moving averages @ 108.87 (100-hour MA) and 108.43 (200-hour MA) respectively.
Keep above those levels and buyers will still hold a relatively firmer bias this week.