USD/JPY finds some support near 100-DMA, still weaker below 112.00 mark

The USD/JPY pair came under some fresh selling pressure during Asian session on Friday and extended previous session's retracement from monthly tops, around the 113.00 neighborhood.

A fresh wave of global risk aversion trade, as depicted by overnight sell-off in the US equity markets and the spill-over effect in Asian equity markets, was seen driving the Japanese Yen's safe-haven demand.

With the US Dollar entering a bearish consolidation phase, despite Thursday's upward revision of the US GDP growth numbers for the first quarter of 2017, broader market risk sentiment is acting as an exclusive driver of the pair's movement on the last trading day of the week.

Meanwhile, the market seems to have largely ignored mixed Japanese economic data, albeit did collaborate towards limiting further downside and helped the pair to defend 100-day SMA support, at least for the time being.

Later during the NA session, the US macro data - Core PCE Price Index, Personal income/spending data, Chicago PMI and Revised UoM Consumer Sentiment Index, would now be looked upon for some fresh impetus. 

Technical levels to watch

Currently hovering around 111.90 level, 100-day SMA near 111.75 region remains an immediate support to defend, which if broken could accelerate the corrective slide towards 111.30 horizontal support en-route the 111.00 handle.

On the flip side, any up-move back above the 112.00 handle now seems to confront some fresh supply near 112.30-35 region, above which the pair is likely to make a fresh attempt towards reclaiming the 113.00 round figure mark.