USDJPY MOVES HIGHER BOOSTED BY ASIAN STOCKS

The USDJPY has bounced back above the 110 level, as Asian stocks largely shrugged off yesterday's tech sell-off in the U.S stock market.

Today the pairs next directional move with likely come from PPI data from United States, with the Federal Reserve's interest rate decision being delivered on Wednesday.

Short term moving averages confirm the USDJPY pair retains a bullish bias whilst trading above the 110 level, with the M30 time frame 100 period moving average at 110.15 the next upside hurdle for the pair to clear.  

The 200 period moving average at 110.31 on the mentioned time, now becomes the foremost near term resistance for the pair.

Longer term the USDJPY pair retains a bearish bias whilst trading below the daily 20 period average at 110.71.

USDJPY support is currently located at the weekly low at 109.63, and the H1 time frame 100 period moving average at 109.89.