USD/JPY eases to a session low of 107.58
The pair attempted a break above its 200-hour MA (blue line) in overnight trading but buyers failed to take out the cluster of near-term resistance around 107.83-87.
The firmer dollar helped the pair hug the key hourly moving averages a little but as we move towards European trading, the yen is inching higher as sellers looking to establish a more bearish near-term bias i.e. move below the 100-hour MA (red line).
Treasury yields are keeping slightly softer on the day while US futures have seen its mild gains erased to flat levels now, as sentiment remains more muted thus far.
Oil market jitters are still persistent and that is exacerbating worries in other areas of the market as well.
For USD/JPY, there is near-term support around 107.30 that remains a key line in the sand for sellers to try and break below in order to test the 107.00 level.
Those will be the two key spots to watch as sellers chase further downside this week.
