The USD/JPY pair edged higher during the early European session and refreshed daily tops, around the 109.10 region in the last hour. Having defended a near one-month-old ascending channel support, the pair gained some positive traction on Wednesday and has now erased a major part of the overnight losses. The US dollar reversed an early dip to the lowest level since January amid a goodish pickup in the US Treasury bond yields. This, in turn, was seen as a key factor that assisted the USD/JPY pair to snap four consecutive days of the losing streak.
Even from a technical perspective, bulls seemed struggling to capitalize on the intraday positive move beyond the 200-hour SMA. This further makes it prudent to wait for some follow-through buying before positioning for any meaningful appreciating move. The previous day's swing high, around the 109.25-30 region might act as an immediate hurdle, above which the USD/JPY pair could climb back to test monthly tops. 
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The USD/JPY pair edged higher during the early European session and refreshed daily tops, around the 109.10 region in the last hour. Having defended a near one-month-old ascending channel support, the pair gained some positive traction on Wednesday and has now erased a major part of the overnight losses. The US dollar reversed an early dip to the lowest level since January amid a goodish pickup in the US Treasury bond yields. This, in turn, was seen as a key factor that assisted the USD/JPY pair to snap four consecutive days of the losing streak.
Even from a technical perspective, bulls seemed struggling to capitalize on the intraday positive move beyond the 200-hour SMA. This further makes it prudent to wait for some follow-through buying before positioning for any meaningful appreciating move. The previous day's swing high, around the 109.25-30 region might act as an immediate hurdle, above which the USD/JPY pair could climb back to test monthly tops.