USD/JPY falls to a low of 108.80, below the 200-hour moving average
As the risk mood continues to soften, it is dragging yen pairs lower now as we move towards US trading. 10-year Treasury yields are now down by over 7 bps to 1.862% and that is helping to keep the yen bid at the moment.
There isn’t really any fresh catalysts for the continued nudge softer in the risk mood today but as mentioned earlier, the lack of progress in US-China trade talks appear to be breeding contempt and is starting to weigh on markets.
For USD/JPY, price is now tracking under the 200-hour MA (blue line) as sellers look to seize near-term control. The 7 November low @ 108.65 will be the next key support level to watch out for in case of a push lower later today.