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USD/JPY eases to fresh one-week low as sellers keep near-term control

USD/JPY falls to a one-week low of 104.28 on the session

The dollar is seen easing a little against the euro and yen in particular, as we see Treasury yields also slip to the lows of the day in European morning trade.
10-year yields are down 1.5 bps to 0.891% and that is keeping the yen slightly underpinned as USD/JPY falls from around 104.40-50 levels to 104.30 currently.
The pair got a boost yesterday from the Moderna news but sellers leaned on the 100-hour MA (red line) to fade the push above 105.00 before regaining near-term control on a push back below the 200-hour MA (blue line) late in the day.
Since then, price has consolidated around 104.50 before the latest trip at the moment.
There is some minor support from the 61.8 retracement level @ 104.14 but the 104.00 handle will once again act as a key support level to watch in the sessions ahead.
In the bigger picture, the pair is still very much confined within a downwards channel for the time being:

Source: Technical analysis

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