USD/JPY extends gains to nearly 1% on the day now

The dollar continuing to keep steadier on the week is helping to solidify the latest upside run in the pair, though the move today is largely driven by a much softer yen side of the equation. USD/JPY isn’t the only yen pair on the move, with others also rising by some 0.7% to 0.8% currently. From earlier: Yen pairs keeping things interesting on the week

Going back to USD/JPY, the pair is now solidifying a break above its 200-day moving average (blue line). The key level is seen at 151.35, so buyers are now well in control and establishing a more bullish bias.

There’s not much in terms of headlines or catalysts driving the move, outside of higher bond yields in general this week.

But with a push above key technical levels, it is giving more incentive for buyers to push their agenda. The 61.8 Fib retracement level of the swing lower from July to September at 153.40 will be one of the next key technical levels to watch next.

This article was written by Justin Low at www.forexlive.com.