USD/JPY bulls focused on resistance at 110.50
1 ) USD/JPY moved higher after retesting 100-day moving average support, currently testing resistance near yesterday's high of 110.50; relevant Trump private lawyers admitted payment of illegal payments and other effects in 2016 The election report has caused downward pressure on the US dollar, but it has not caused the USD/JPY to fall below the 110.00 mark.
2) The slight deterioration of investor risk sentiment does not seem to affect the USD/JPY upside, even including US Treasury yields. The rate is slightly lower; the key event in the day is still the minutes of the Fed meeting. The market expects the Fed to reaffirm the optimistic economic prospects and reaffirm the interest rate hike in September.
3) Technically, if the USD/JPY breaks through the 110.50-55 area Above, it will look at the 111.00 mark, then the 111.15-20 area; on the downside, the 110.00 mark may continue to provide short-term support; if it falls below, it will look at the 109.40-35 support area.
