The greenback is holding near the lows for the day still, facing pressure all across the board against the major currencies bloc. Of note, even USD/JPY is now trading down by 0.2% to around 135.90 even as European and US bond yield are seen higher. 10-year Treasury yields are up 3 bps to 3.953% currently but that isn't enough to help underpin the pair.
Perhaps the technicals are having a say as well with the pair running into key resistance at the 100-day moving average (red line) yesterday before turning lower now.
The 100-hour moving average is the next near-term level to watch for USD/JPY, seen at 135.84, and a break below that will see the near-term bias shift to being more neutral. That would follow several other similar technical developments noted here.
