USD/JPY bears challenge bull's commitments at 107 the figure

USD/JPY is in decline still on the back of risk aversion and the yield spread declining. 

Asia has opened mixed and the Nikkei is indecisive as participants digested a mostly inline Q1 GDP release. The dollar is the main story though, still depressed since the nonfarm payrolls result for May and subsequent discounting of the Fed fund rate that has led to a sell-off in the greenback as investors ponder as to whether the US economy is as healthy has the Federal Reserve are basing their targets upon.

USD/JPY levels

The Yen has started to break the 107 level to the downside in this tokyo opening hour and has the 106.36 lows of 5th June in its sights as bullish attempts continue to fail at the 20 dma on the 4hr sticks located at 107.44 today while capping at 107.87 yesterday, keeping the intra-day bearish outlook alive from the 29th May and 111.44 highs. On a continuation of the downside, a break of aforementioned intra-day lows opens 1st May low of 106.14 ahead of 3rd May and 2016 lows of 105.54 a level last visited in Oct 2014.