The USD / JPY is currently trading at near two-month highs, just above 109.00
The strength of the dollar today contributes in part to the upside, but technically, the run above 108.00 and also above the main daily moving averages @ 108.30-40 compared to two days ago certainly gave buyers a stronger conviction to push the agenda after a period of consolidation.
Currently, the price is approaching resistance around 109.23, the April 6 high @ 109.38 being a key level to watch before buyers start targeting the 110.00 handle again. .
Although stocks have remained slightly weaker so far over the session, the pair is still advancing after the technical break and as the dollar strengthens in trading today.
For sellers, the challenge will be to maintain a daily break below 109.00 but more work needs to be done as they also need to continue a move towards key daily moving averages to feel like they are regaining control of the pair.