USD/JPY steady in the session eyes 110.00

• The USD/JPY edges up in the session, up 0.03%.
• Market sentiment is upbeat, with the US stock indices up. 
• As the week begins, investors' focus is on the Jackson Hole Symposium.

USD/JPY remains steady at the session. The pair trades around 109.82, up in the day 0.03%.

Market sentiment is upbeat, with the US stock market rising. The Dow Jones is up 0.66,%, the S&P 500 gains 0.76%, and the Nasdaq is up 0.78%. Focusing on Forex, the commodity currencies rise at the beginning of the week, with the antipodeans like the AUD and the NZD rising 0.85% and 0.51%, respectively, while the CAD is up 0.78%. On the other hand, the greenback is retracing some of its last week’s gains, with the US dollar index around 93.156, down 0.32%.

The US 10-year Treasury yield falls 2 basis points (bps) down at 1.258% weighing in the USD/JPY pair behavior. In regards to Covid, China’s brought local cases down to zero, thus improving market mood, which saw investors scrambling to buy the recent dip across the equities.

Later in the week, the market will focus upon the Jackson Hole Symposium, where the Fed could unveil its forward guidance for the remainder of the year.

USD/JPY technical outlook

The USD/JPY has been trading inside the 109-110.50/60 range since July 7. The 50-day moving average sits around 110.19, and prices were rejected at that level in the last four days. On the downside, the price is supported by the 100-day moving average which is at 109.62. The market is range trading, nevertheless, the 110.00 price keeps on the radar of US dollar bulls.

RSI is at 48.60 while under the 50-water line level, flat. The Average True Range is at 54 pips.