USD/JPY erases earlier gains, falls to session lows

Technical Analysis

Author: Justin Low | usdjpy

USD/JPY falls 109.70 to 109.30 on the day

USD/JPY H1 13-04
A gradual fall in the past half-hour sees USD/JPY erase its earlier gains on the day to sit lower now as price trades to a session low of 109.30.

I'm not seeing any clear catalyst for the move with Treasury yields continuing to keep higher for the most part. The dollar is also still slightly bid across the board, though gains have been trimmed somewhat during this period as well.

EUR/USD is back up to 1.1903 from 1.1883 earlier while GBP/USD pushed up from 1.3740 to 1.3766 and is holding around 1.3750 at the moment.

The drop in USD/JPY puts the lows yesterday at 109.25-29 in contention with key support still layered closer to the 109.00 handle.

The push and pull so far in the week continues and traders will be looking towards US CPI data later today to hopefully provide better clarity.
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