USD/JPY: 110.00 proving to be a sticking point

If you're wondering what's moving (or preventing price movement) in USD/JPY today, the answer is just about everything. The dollar is weaker on the day but so is the yen as Asian equities trade higher and more importantly bond yields are also not ruining the good mood. But among other things, technical levels in USD/JPY suggests that buyers and sellers are in for a very tricky day ahead.

Right now, price is hugging the 110.00 handle where there are many levels of interest:

- 100-day MA (red line) @ 110.01

- Large option expiries @ 110.00

- 38.2 retracement level @ 109.88

- 200-day MA (blue line) @ 109.86

The two daily moving averages are among the key things to look out for. Stay above and the bias in the pair remains bullish. But move below, the bias then shifts to bearish.

So, if you're wondering why the pair is stuck at these levels just look at the chart and it tells you how important this tug of war battle between buyers and sellers is in terms of setting the next move for the pair.

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