USD/JPY fell further overnight amid the decline in UST yields and broad US Dollar (USD). Pair was last at 151.90 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Risks remain skewed to the downside

“Move lower remains in line with our downside bias. Daily momentum is bearish but decline in RSI moderated. Risks remain skewed to the downside but likely the pace may slow. Near term consolidation is likely.”

“Support at 150.70 (50% fibo), 149.20 (100 DMA). Resistance at 152 (200 DMA), 153.30/70 levels (61.8% fibo retracement of 2024 high to low, 21DMA). Data this week brings jobless rate, retail sales and Tokyo CPI. Hotter print on Tokyo CPI may further fuel JPY bulls.”