USD/JPY falls to a low of 108.81 as bond yields slip further on the session
The yen is gaining further ground to start the European morning as we see bond yields fall further, with 10-year Treasury yields now down by 3 bps to 1.553%.
That is pushing USD/JPY to a session low of 108.81 and brings into focus the 100-day MA (red line) @ 108.75 once again.
Amid the softer risk mood, the battle in USD/JPY continues to be defined by sellers trying to push below the 100-day MA while buyers are trying to push above the 100-hour MA:
That currently rests at 109.08 and remains a key near-term level limiting any upside move in the pair as seen in trading yesterday.
Markets are still trying to grapple with the situation surrounding the coronavirus outbreak and for now, fear and uncertainty are continuing to cast a large shadow over proceedings.
For USD/JPY, be mindful of the levels pointed out above but with price action moving closer to the downside, just be wary of further support around 108.45-50 as well.