USD/JPY nudges lower to a session low of 108.51
Price action is still trapped in a narrow 20 pips range but we are at the lower end of that for now, as the pair slips back below the 100-hour MA @ 108.60.
The slight nudge lower comes as Treasury yields also fall to their lowest levels on the day, with 10-year yields down by 2.5 bps to 1.746% currently.
Markets are staying more cautious for the most part as traders and investors are still figuring out the push and pull in the US-China trade rhetoric. As such, I wouldn't look too much into the above move for the time being.
USD/JPY still sits in a narrow range over the past few days and there hasn't been any firm indications of a trending breakout just yet.
As Treasury yields keep lower, gold is among the beneficiaries so far as it sees gains of 0.5% to $1,472 currently.
