USD/JPY plummets to lows, farther below 110.00 mark

   •  Global flight to safety strengthens JPY across the board.
   •  Sharp slide in US bond yields offset resurgent USD demand.
   •  All eyes remain glued to the latest FOMC meeting minutes.

The Japanese Yen continued benefitting from global flight to safety and dragged the USD/JPY pair back below the key 110.00 psychological mark.

The pair extended this week's retracement slide from 4-month tops, levels beyond the 111.00 handle, and came under some intense selling pressure on Wednesday amid a fresh wave of sell-off across global equity markets. 

Geopolitical tensions resurfaced after the US President Donald Trump casted doubt on the upcoming historic summit with North Korea in June. Trump also tempered optimism over the progress made in the recent US-China trade talks and prompted a global wave of risk-aversion trade on Wednesday.

The risk-off mood was further evident from a sharp slide in the US Treasury bond yields, which seemed to have largely offset resurgent US Dollar demand and did little to stall the pair's slump back below the very important 200-day SMA resistance-turned-support.

Today's key focus would be on the release of latest FOMC meeting minutes, which would be looked upon for fresh clues over the central bank's near-term monetary policy outlook and eventually help determine the pair's next leg of directional move.

Technical levels to watch

A follow-through selling has the potential to continue dragging the pair further towards 109.50-40 horizontal support en-route the 109.00 handle. On the upside, any recovery attempt now seems confront fresh supply near the 110.00 handle and is followed by resistance near the 110.20 region (200-DMA).