USD/JPY down 0.2% to 109.75 currently
The dollar and yen are the two leading major currencies so far today but the yen is edging out in front amid the more defensive risk tones in the market.
USD/JPY failed to get enough of a spark to hold a break back above 110.00 at the end of last week (bolstered by higher yields at the time) and sellers are fighting their way back now, seizing some near-term control to start the new week.
The break back below the 200-hour moving average (blue line) now sees the near-term bias turn more neutral, with support hugging closer to the 100-hour moving average (red line) @ 109.69 at the moment.
As for overall direction in the pair, it is still largely dictated by the play in Treasury yields – which at the end of last week failed at key resistance: