USD/JPY looks to resume upside momentum to start the new week

<p>There's not much in terms of headlines driving the move but higher bond yields are certainly playing a part I would say. 10-year Treasury yields are still up 5 bps to 4.301% and that is underpinning yen pairs so far on the session. The near-term chart for USD/JPY is also seeing buyers seize back control now:</p><p>The pair bounced around its key hourly moving averages at the end of last week, with buyers holding a defense at the 145.00 mark as well. They are now regaining some momentum on a push back above the 100-hour moving average (red line), switching the near-term bias to being more bullish again.</p><p>But as is the case on Friday, any further break higher in the pair would also need approval from the bond market. For now, <a href="https://www.forexlive.com/news/the-bond-market-still-in-the-spotlight-at-the-moment-20230821/" target="_blank" rel="follow">yields are threatening a break</a> but we're not there yet.</p>

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