USD/JPY extends intraday rejection slide from 110.00 handles, falls to the fresh session low
A global risk-aversion trade underpins JPY and prompts fresh selling.
A modest USD retracement from 2-week tops adds to the intraday fall.
Speeches by FOMC members will now be looked upon for some impetus.
The USD/JPY pair faded an early European session spike to levels just above the 110.00 handle and dropped to a fresh session low, around the 109.60 regions in the last hour.
The pair continued with its struggle to make it through the key psychological mark, with a fresh wave of global risk-aversion trade underpinning the Japanese Yen's safe-haven demand and creating bearish pressure on the major.
The risk-off mood, as depicted by a sea of red across equity markets, was further reinforced by sliding US Treasury bond yields, which prompted some US Dollar profit-taking near two-week tops and further collaborated to the pair's intraday slide.
Despite the pull-back, the pair remains well within a narrow trading range held since the beginning of this week and hence, it would be prudent to wait for a convincing breakthrough in either direction before positioning for the near-term trajectory.
Moving ahead, today's scheduled speech by influential FOMC members - Fed Governor Richard Clarida and Dallas Fed President Robert Kaplan will now be looked upon for some fresh impetus during the early North-American session.