The US dollar remains on the defensive against the yen, extending gains into a second day to score lows sub-113.00 at the beginning of the American session.
USD/JPY continued to pullback from last week’s highs and bottomed out at 112.74 as the overall negative mood and lower US bond yields are helping to underpin the yen. The pair managed to recover some ground and it was last trading at 113.05, recording a 0.33% loss on the day.
There are no major data releases scheduled for the rest of the session, which might lead to limited, mood-driven moves.
USD/JPY levels to consider
As for technical levels, next supports are seen at 112.74 (Mar 8 low), 112.15 (Mar 1 low) and 111.88 (Feb 25 low). On the flip side, resistances could be found at 113.50 (Mar 8 high), 114.54 (Mar 2 high) and 115.05 (38.2& Fibo retracement of 121.68-110.97).
(Market News Provided by FXstreet)