USD/JPY weighed by US yields

FXstreet.com (Córdoba) - The USD/JPY extended its decline to a fresh 2-day low sub 97.50 during the American afternoon, weighed by the setback seen in US treasury yields.

USD/JPY falls to 2-day low

Amid broad USD weakness and with US 10-year yields slipping back below 2.75%, the USD/JPY fell through the 100- and 200-hour SMA’s and bottomed out at 97.24 where it found support. At time of writing, USD/JPY is trading at the 97.35 zone, where it records a 0.8% loss on the day.

USD/JPY technical levels

In terms of technical levels, the USD/JPY could find immediate resistances at 98.00 (psychological level/intraday resistance) and 98.62 (daily high), while on the flip side, supports are seen at 97.24 (daily low) and the 97.00/96.90 area (psychological level/Aug 12 high).