I've highlighted some reasons why the pair is holding lower here and in addition to that, the drop matches up with action in the bond market. Treasury yields are holding slightly lower on the day, with 10-year yields down 1 bps to 3.985% - still keeping below that 4% threshold.
The dollar is now trading to the lows for the day, as we start to see the narrower ranges against other major currencies extend a little.
In the case of USD/JPY, the pair is now closing in on its 100-day moving average (red line) at 136.10 and looking to take out near-term support from its 100 and 200-hour moving averages, in the range of 136.41-48 currently.
That will at least see near-term sentiment shift in favour of sellers but in the bigger picture, I would be more convinced of a break back below 135.00 to invalidate the latest rebound.
That will very much depend on what the bond market has to say and in all likelihood, that will be determined first by the US jobs report tomorrow.
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2023-03-09 08:50:00Z
CBMiYWh0dHBzOi8vd3d3LmZvcmV4bGl2ZS5jb20vbmV3cy91c2RqcHktZXh0ZW5kcy1mYWxsLWFzLWRvbGxhci1yZW1haW5zLW9uLXRoZS1zb2Z0ZXItc2lkZS0yMDIzMDMwOS_SAWVodHRwczovL3d3dy5mb3JleGxpdmUuY29tL25ld3MvdXNkanB5LWV4dGVuZHMtZmFsbC1hcy1kb2xsYXItcmVtYWlucy1vbi10aGUtc29mdGVyLXNpZGUtMjAyMzAzMDkvYW1wLw
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