The dollar was trading 0.04 percent higher vs the yen at 109.53 as of 09:30 GMT on Monday, as the dollar recovered following better-than-expected labor figures in the US.
The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was down 0.24 percent at 93.95 by the time of this writing.
Risk-on sentiment was also supported by the latest employment figures in the United States. According to the Labor Department, the US economy added 223,000 jobs in May, well above the 159,000 registered in the same period last week.
The news boosted expectations for further monetary policy changes by the Federal Reserve. The US regulator is widely expected to increase its benchmark rate by 25 basis points later this month, which would put the rate in a range between 1.75 and 2.00 percent.
Demand for safe-haven assets continued to fall over the weekend as no major progress was made regarding the US-China trade dispute. The yen is seen as a safe-haven currency.
Investors are also feeling excited about the historical summit between US President Donald Trump and the North Korean leader Kim Jong Un, which is scheduled on June 12.
On a technical note, we identify the first resistance at the 109.67 mark and the immediate support at 109.50. The pivot point is found at 109.56.
Ahead in today’s session, traders will keep an eye on the following releases: Factory orders for April as of 14:00 GMT and Japan’s household spending for April at 23:30 GMT.