USD/JPY Current price: 112.41
The USD/JPY pair remains under pressure, trading a few pips above Friday's multi-week low of 112.26 ahead of Wall Street's opening, with the yen backed by softer US Treasury yields. The 10-year note benchmark stands at 2.32% from previous 2.33%. Action was limited due to a local holiday overnight, with selling interest containing advances around 112.80. With no major releases ahead for the day, the pair is expected to remain range bound at current levels, with the scale lean towards the downside. Technically, the 4 hour chart shows that the price is below its 100 SMA, while the Momentum indicator remains flat below its 100 level and the RSI indicator heads south around 33, all of which favors a new leg lower on a downward acceleration through 112.30 the 38.2% retracement of the latest weekly advance.
Support levels: 112.30 111.80 111.20
Resistance levels: 112.50 112.80 113.15
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