USD/JPY loses a bit more ground as bond yields fall lower
The pair is easing back towards the day's low @ 108.36 as markets continue to stay more defensive amid heightened US-China tensions today.
Sellers are in near-term control and will be looking to drive price towards support around 108.36-37 with further support seen closer at 108.25-27. Beyond that, bids are then seen closer around 108.00 with the 1 November low of 107.89 a key level to watch out for.
Price has steadily moved lower since the start of the week as the US-China trade keeps encountering a stop-and-go kind of momentum.
So far, the pattern is that of lower highs and lower lows and unless buyers can firmly break back above the key hourly moving averages, the near-term momentum is looking to favour sellers more - provided the headlines stay supportive.
