FxWirePro: USD/JPY holds positive ground ahead of FOMC Minutes, finds strong support at 110.35

USD/JPY chart - Trading View 

USD/JPY was trading 0.07% higher on the day at 110.67 at around 08:00 GMT.

The pair has bounced off major trendline support at 110.35 and is holding marginal gains.

Continuing rise in coronavirus cases of the Delta variant which raises chances that some countries might reinstate some lockdown restrictions lent support to US bonds.

The US benchmark  10-year bond yields fell to 1.353% as investors react to the potential of slower economic growth.

Market focus remains on the key Federal Reserve's Meeting Minutes from the June meeting which could also weigh on the greenback..

Further, on the data front, traders await weekly Mortgage Applications by MBA, JOLT Job Openings and the weekly report on US crude oil supplies by the API.

Technical bias for the pair is bullish. Overbought conditions may cause some pullbacks. Price action has paused downside and edged higher.

Break below 110.35 will see weakness, while on the flipside, retrace above 5-DMA will see upside continuation.