USD/JPY refreshes session tops, around 109.30

   •  Reviving USD demand helps recover Friday’s retracement slide.
   •  Momentum beyond 109.50 to pave the way for additional near-term gains.

The USD/JPY pair extended its steady climb from the 109.00 handle and is currently placed at fresh session tops, around the 109.25-30 region.

Friday's post-US GDP retracement slide from 2-1/2 month tops stalled near the 109.00 handle, with a modest pickup in the US Dollar demand helping the pair to regain positive traction at the start of a new trading week. 

Also collaborating to the pair's uptick was easing geopolitical tensions in the Korean Peninsula, which triggered some fresh risk-on trade on Monday and was eventually seen weighing on the Japanese Yen's safe-haven demand.

The pair has now recovered a major part of Friday's corrective slide and traders now eye a move beyond the 109.40-50 region to position themselves for an extension of the near-term upward trajectory.

Moving ahead, today's US economic docket, featuring the release of personal income/spending data, Core PCE Price Index - the Fed's preferred inflation gauge, which along with Chicago PMI would now be looked upon to grab some short-term trading opportunities.

Technical levels to watch

Above the mentioned immediate hurdle near the 109.40-50 region, the pair is likely to aim towards reclaiming the key 110.00 psychological mark before eventually darting towards the very important 200-day SMA barrier near the 110.20-25 region.

On the flip side, the 109.00 handle might continue to act as an immediate support, which if broken might prompt some long-unwinding trade towards 108.60 en-route the 108.00 round figure mark.