USD/JPY Price Analysis: Bulls are firm in the open, 137 area eyed

• 135.90 could come into the picture in the coming days.
• 136.90 on the upside is important that guards closing highs of 137.14.

USD/JPY is firm in the open following the sharply higher US 10-year bond yield and firm close on Friday that put a bid into the greenback and helped to buoy the cross that is balancing a tightrope on the hourly chart as illustrated below:

USD/JPY H1 chart

The price is testing prior lows and hourly support. A break there opens the risk of a significant move to the downside for the week ahead. If bears commit, then 135.90 could come into the picture in the coming days in the build-up to the Jackson Hole. However, should the Fed sentiment brew in a hawkish manner, then a break of 136.90 will bring the prior closing highs of 137.14 into the picture again.