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USD/JPY slips to session low as sour risk sentiment continues to weigh on markets


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USD/JPY touches a low of 111.82 on the day


ForexLive

And price is once again threatening a firm break of the 112.00 handle as it was last week. Hold a break below and the near-term bearish price bias will extend to the next leg. The next key level to watch out for in such an event will be the 100-day MA @ 111.31.
Equities remain poor in trading so far to begin the week and markets are still jittery with the S&P 500 not entirely out of the woods just yet despite a positive day in Friday trading. Right now, US Treasury yields are also moving lower with 10-year yields down by 1.7 bps to 3.144%.
And that is leading a move lower in yen pairs for the time being. All this is just merely a teaser though. As mentioned before, the key to risk sentiment and trading the yen at the moment hinges on the performance of the US cash equity market.
I would expect price to keep close to the 112.00 handle until then but if risk sentiment continues to deteriorate, this could be another ugly day for equities and the result will be a big fall in USD/JPY to come.

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