USD/JPY: trading with a bid tone above 113.00 amid uptick in the S&P 500 futures

• The anti-risk JPY is being offered at press time, possibly due to the risk-on in the S&P 500 futures.
• The USD/JPY has added 24 pips in the last 60 minutes and may rise further as the hourly chart shows a bull flag breakout.

The USD/JPY pair is currently trading at the session high of 113.24, having clocked a low of 112.88 earlier today.

Notably, the pair has added 24 pips in the last 60 minutes and could rise even further as an uptick in the US equity index futures could keep the anti-risk JPY under pressure. As of writing, the S&P 500 futures are reporting a 0.30 percent gain.

The technical studies are also indicating that further gains could be in the offing. For instance, the bull flag breakout, as seen in the hourly chart, is signaling scope for a rally to 112.75.  That rally, however, may remain elusive if the S&P 500 futures surrender gains and the US 10-year treasury yield reports losses.

At press time, the 10-year yield is trading at 3.05 percent, having closed well below 3.057 percent (double top neckline) on Friday.

USD/JPY Technical Levels