USD/JPY up to a high of 105.66 as S&P 500 futures post a 1% gain now
The latest turnaround in the market is seeing yen crosses rise sharply on the day, with AUD/JPY even hitting 2% gains. I'm not seeing much on the wires for the turnaround in the equities space but with any major and sharp moves, one can always expect corrections.
Some food for thought perhaps:
For the case of USD/JPY, price is now back up to challenge a break of the 200-hour MA (blue line). Hold above and the near-term bias turns more bullish but there is still key resistance around 105.75-92 to work through as well.
Until the latter gives way, I'd say price action is still confined within the trading range of the last two days i.e. 103.00 to 106.00 for now.
