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USD/JPY chart - Trading View
USD/JPY was trading 0.21% higher on the day at 108.83 at around 05:30 GMT, buying interest in the US dollar supports.
Rising geopolitical uncertainty over Israel and Palestine boosted the demand for the safe-haven US dollar.
On the other side, the Japanese yen struggles as the Bank of Japan (BOJ) warns of risk to the recovery amid pandemic curbs.
Technical indicators for the pair are neutral. Price action has paused downside above major support at 108.30 (converged trendline and 55-EMA).
Oscillators are biased higher. Volatility is high as evidenced by wide Bollinger bands. Scope for upside resumption on break above daily cloud.
Focus now on the release of the US Consumer Price Inflation (CPI) data, expectations are for a rise from 2.6% to 3.6% YoY in April.
Any deviation in the headline CPI reading could negatively impact the pair. Breach below 55-EMA could see more downside.
