Having tested the critical 21-Hourly Simple Moving Average (HMA) support at 108.83, USD/JPY bounces back
above 109.00 and refreshes two-month highs at 109.16.
The spot is challenging the further upside on the 109 handles amid a swift recovery in the Asian equities. The Nikkei 225 closed 0.36% higher amid ongoing optimism over the global economic rebound and massive stimulus. The upbeat narrative continues to offset the US-China tensions and keeps the global stocks buoyed.
Further, the broad-based US dollar rebound from three-month troughs, following the upbeat US macro news and looming US-China tensions, also please the buyers so far this Thursday.