USD/JPY weighed down by lower bond yields on the day
The pair is down 0.4% to 113.50 levels currently but is still holding above recent support around 113.40 with the low last week seen at 113.25.
That still limits any major downside push in the pair but at the same time, buyers are also failing to really muster any real upside conviction above the 114.00 level for now.
That is keeping things more rangebound in the past week in and around the figure level.
While the dollar is sitting firmer against other major currencies today, the yen is the exception as the market preps itself for the Fed meeting decision tomorrow.
Treasury yields are lower across the curve with 2-year yields down nearly 4 bps to 0.478% while 10-year yields are down almost 2 bps to 1.555% currently.
We'll only get a better sense of what the bond market wants to do post-FOMC and in turn, that will have more significant reverberations for yen pairs later in the week.
Until then, it is a bit early to draw much conclusions from the moves so far this week.