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USD/JPY chart - Trading View
USD/JPY was trading 0.15% lower on the day at 109.66 at around 05:00 GMT amid subdued USD demand.
The safe-haven US dollar resumes its decline tracking the Treasury yields lower. Powell's speech awaited.
The underlying bullish tone in the financial markets weighed on the safe-haven USD, dragging the pair lower.
Technical bias for the pair is bullish. 5-DMA is biased lower and MACD shows bearish crossover on signal line which is likely to cause some weakness.
That said, investors remained hopeful about the prospects for a relatively faster US economic recovery, which is likely to keep downside limited.
Strong support is seen at 109.50 to 109.30 range. Breach below could drag the pair lower. Bullish invalidation only below cloud and 200-DMA.
Focus now on Fed Chair Jerome Powell's scheduled speech later during the US session, which will determine near-term USD price dynamics.
