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USD/JPY chart - Trading View
USD/JPY was trading 0.31% higher on the day at 110.18 at around 12:25 GMT.
The pair is showing a decisive rebound as price action bounces off cloud support.
Price action is extending upside for the 2nd consecutive session, tests 21-EMA resistance, breakout will buoy bulls.
The positive shift witnessed in market sentiment which is behind the rise in 10-year US Treasury bond yields is aiding upside.
Initial Jobless Claims data on Thursday and the IHS Markit's preliminary July PMI reports from the US on Friday will be looked upon for fresh impetus.
Major trend in the pair is bullish. Retrace above 21-EMA will negate any bearish bias for the pair.
That said, worries about the economic impact of the fast-spreading Delta variant of the coronavirus might cap gains.
Next hurdle above 21-EMA lies at 20-DMA at 110.42, while, strong support is seen at 110-EMA and daily cloud at 109 level.
