Tokyo's main index falls back below its 100-day moving average
Asian equities aren't taking much comfort from the fact that the S&P 500 recorded an all-time high overnight as stocks are on the back foot for the most part in trading today.
It could be a bit of profit taking following a solid week of gains (nobody wants to be dealing with position risk into the weekend these days) but also as the attention slowly turns towards next week's Trump-Xi meeting in Osaka.
Fresh protests in Hong Kong didn't really help either amid tensions in the Middle East between US and Iran since yesterday.
Markets in general are a little bit more cautious so far today with US equity futures down by 0.3% while Treasury yields are also weighed lower to begin the session. As such, USD/JPY was weighed down towards 107.05 earlier but has since crept a little higher to 107.37 now as the dollar recoups some losses in the past few minutes.
