USD/JPY drops from 113.90 levels to 113.70 on the day
In general, yen pairs are seeing a retreat across the board as there are more signs of exhaustion reverberating since trading last week.
Of note, USD/JPY is now falling back below its 100-hour moving average (red line) @ 113.87 and that will see sellers establish a more bearish near-term bias.
There is minor support around 113.41 from last week's lows but a drop below could see the downside accelerate further back towards the 112.50-00 region potentially.
Although the pair is still keeping higher on the week, buyers haven't really kept a firm foothold above 114.00 and that is concerning about the overall momentum.
Adding to that is Treasury yields also seemingly exhausted as 10-year yields are gradually nudging lower after clipping the 1.70% level last week.
Other yen pairs are also showing somewhat similar vulnerabilities with CAD/JPY keeping below its key hourly moving averages and nearing a retest of its recent lows @ 91.65-70. A drop below that could see the downside momentum pick up as well.
Likewise, GBP/JPY is backing away from a test of its own key hourly moving averages to 156.35 currently and looking poised for a retest of key support around 156.00.
