The risk-off push is finding another leg on the session as we see European stocks nudge lower alongside bond yields again now. US 10-year yields have dropped by more than 6.5 bps to 1.566% currently, underpinning the yen further today.
As a result, USD/JPY has eased lower towards its 200-hour MA (blue line) and a break below that will see the near-term bias turn more bearish instead.
There is still minor support around 109.55 next but the pair could be at risk for a further drop towards 109.00 if the risk mood continues to stay more sour ahead of the weekend.
Looking ahead, the onus will fall back on Wall Street once again to really test the resolve of this buy-the-dip mentality and whether or not investors are coming to a realisation that the virus outbreak impact is looking more severe than initially anticipated.