USDJPY HOLDING ABOVE 110 AS RISK EVENTS NEAR

The USDJPY is holding above the psychological 110.00 level ahead of the key testimony, by former FBI Chief James Comey before the U.S Senate Intelligence Committee.

Earlier in the European session, the pair fell towards 109.37 but quickly found USDJPY buyers, moving the pair to an intraday high of 110.14. Weaker than expected Japanese GDP figures published earlier, continue to weigh on the negative sentiment surrounding the Japanese Yen today.

Short-term indicators on the M5 timeframe suggest USDJPY buyers remain in control whilst the pair trades above the 50 and 100 period moving averages converging around the 109.75-109.80 area.