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USD/JPY chart - Trading View
USD/JPY was trading 0.25% higher on the day at 105.49 at around 04:25 GMT.
The major was extending previous session's recovery, edges higher from one-week low.
S&P 500 Futures snaps six-day losing streak after Fed’s Powell battled reflation fears.
Fed Chairman Jerome Powell at the semi-annual testimony before the Senate Banking Committee brushed aside fears of further inflation.
"We will be watching inflation carefully, patiently. We would expect inflation to perform somewhat in keeping with the history of recent decades. Inflation risks are to the downside." Powell said.
"The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain," he added.
USD/JPY has bounced off 21-EMA support. Price action is testing 200-DMA resistance at 105.48. Break above will change near-term dynamics. Scope for upside resumption.
