The decline in yields is helping to continue to push the US dollar lower.
USDJPY: USDJPY has broken below its 200-hour moving average, shifting the near-term bias to the downside. After initially falling beneath the level, the pair briefly retested it at 147.703 before rotating lower to a new session low. This price action now establishes the 200-hour moving average as a key resistance level. As long as the pair remains below it, the short-term outlook leans bearish. The next support comes into play near 146.86—the double bottom from last Monday and Wednesday—followed by the 38.2% retracement of the July 1 rally at 146.704, which serves as another downside target if bearish momentum builds.
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