Yields in US down -3 to -3.5 bps
The US yeilds are lower and so are stocks in pre-market trading. That tends to weaken the USDJPY on “flight to safety” flows. I don’t want to put too much in it as the range is very narrow, but there has been a wander lower.
Technically, the pair has been able to break below a trend line in the late Asian session. That break, took some of the wind out of the bulls sails. The pair wandered back down toward its 200 hour MA at 107.96 area. The low reached 107.984. The price has been moving up and down over the last 6 hours since bottoming. The 50% midpoint of the move down from the July 10 high comes in at 108.095. The 200 hour MA comes in at 107.959. That is the close up and down range.
A break below the 200 hour MA would look not far away to the 100 hour MA at 107.89. A move below those moving averages would tilt the correction bias more in the favor of the sellers.