USD/JPY trades a little higher near 110.80 currently
But topside remains limited by resistance around 110.96-00 with offers lined up at and just above the figure level for the time being. However, buyers are still quietly making their stand by defending the 200-hour MA (blue line) earlier and keeping the near-term bias more bullish.
Equities sentiment is holding up well today with European stocks pushing gains around 0.5% to 0.8% among major indices while US equity futures are up by 0.2% currently. That said, bond/Treasury yields will have the biggest say on how the yen will perform as we look to wrap up the trading week.
Right now, Treasury yields are slightly more buoyant with 10-year yields up by 0.7 bps to 2.401%. However, it isn't really signalling a run higher just yet and that will keep investors/traders cautious ahead of US trading.
In turn, that should keep USD/JPY below the 111.00 handle but as long as yields aren't taking a nosedive, the pair should also hold above 110.60 for now.
