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The USD/JPY pair remained marginally moving below 107.00 during the Asian session but with the opening of the European session, it gained momentum and rose at the time of writing by 0.3% on a daily basis to 107.20.
Risk-on sentiment remains the main driver for the pair on Monday, with increasing hopes for an Covid-19 treatment and optimism about the earnings season, all of which led major European stock rally between 1% and 1.2%.
Other than that, S&P 500 futures rose 0.7% today, indicating that the Japanese yen has been affected by the optimism in the market and this is expected to remain valid for the rest of the day.
On the other hand, the greenback was struggling to find demand with the USD index posting slight gains around 96.50 and the upside remained capped.
