USD/JPY hits a session low of 111.28, lowest level since 11 April
The yen is continuing to hold firm on the session as Treasuries stay bid as well. US 10-year yields are still down by just over 2 bps to 2.502% and that continues to put pressure on yen pairs in European morning trade.
As for USD/JPY, the pair looks to breaking below the 200-day MA (blue line) @ 111.51 and that will see the bullish momentum in the pair get taken out. Further support is seen closer to 111.00 where bids lie before minor support is seen at 110.85 next.
Be on the look out for Eurozone and Italy Q1 GDP growth figures later. They could be potential triggers for a further risk-off move in the session should the readings disappoint expectations in a significant manner.