USD/JPY gains some positive traction ahead of Yellen/Kuroda

   •  Risk-on mood weighing on Yen’s safe-haven demand.
   •  Mildly positive US bond yields supportive. 
   •  Focus remains on key speeches by Yellen and Kuroda.

The USD/JPY pair finally broke out of its Asian session consolidation phase and jumped to fresh session tops in the past hour, albeit retreated few pips thereafter.

Fading safe-haven demand, amid improving investors' appetite for riskier assets as depicted by positive trading sentiment around European equity markets, was seen weighing on the Japanese Yen. 

Adding to this, a modest uptick in the US Treasury bond yields helped offset a subdued US Dollar price-action and provided a minor boost to the pair's steady recovery move from over 1-week lows touched last Thursday.

It would now be interesting to see if the pair is able to build on the up-move or once again meets with some fresh supply at higher level to reaffirm 3-week old trading range as investors focus shifts to an ECB-hosted central bankers' meet in Frankfurt.

Later during the day, the latest US PPI print would also be looked upon for some short-term trading impetus ahead of Wednesday's prelim Japanese GDP figures and key CPI print/monthly retail sales data from the US.

Technical levels to watch

Bulls would be eyeing for a decisive break through the 114.00 handle, above which the pair is likely to aim towards surpassing 114.35-45 supply zone and head towards testing early Nov. swing highs resistance near the 114.75 region.

On the downside, any retracement slide now seems to find immediate support near mid-113.00s and is followed by supports near the 113.25-20 region and the 113.00 handle.

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