Dollar keeps more mixed to start the session

USD/JPY remains the key pair to watch in my view and that is down 0.7% to 121.50 currently. For me, this is just a bit of a shave off the top after the recent run of gains as it is still hard to invalidate the upside momentum.

The high touched 122.43 so we’re not that far off but the slight breather here comes after some verbal intervention by Japanese officials as noted here. In the bigger picture, hold above 120.00 and that will continue to keep the bulls in charge.

Meanwhile, EUR/USD is sticking around 1.1010-20 to start the day as the euro is up slightly. For now, the push lower is defended by the 100-hour moving average around 1.1010 with the 1.1000 level also providing some interest with large expiries seen.

Elsewhere, AUD/USD is down a touch holding close to 0.7500 as buyers are hoping to keep the recent upside momentum going. A hold above the figure level would be ideal but keep below that and sellers will have some incentive to try and work their way back towards key near-term support from the 100-hour moving average @ 0.7458 currently.

The more mixed mood in the dollar comes as stocks are faring more tentative. European indices are down slightly but little changed still while US futures have turned a light advance to be down 0.2% at the moment.