USD/JPY off-lows, but struggles with 112.50

The USD/JPY pair met fresh supply near the mid-point of 112 handle, after having staged a minor-recovery from three0day lows struck at 112.23.

The major extends its losing streak into a third day today, as falling treasury yields continue to weigh, particularly after unimpressive US jobs report. The spot was last seen exchanging hands at session lows of 112.38, losing -0.22% on the day. While the shorter duration treasury yields drop -1.30% to -1.70%.

Moreover, the Japanese equities pared gains and trade muted, which also added to the downbeat sentiment seen around USD/JPY. Looking ahead, the major will continue to track the price-action in the US treasury yields closely, as the US docket remains data light, with the only LMCI on tap.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 112.61 (daily pivot). A break above the last, the major could test 112.76 (5-DMA) and 113 (daily R3) beyond the last. While to the downside, the immediate support is seen at 112.23 (daily low) next at 112 (round number) and below that at 111.79 (100-DMA).

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