The USD/JPY pair is meandering near fresh four-month lows, with downside opening up for a test of 200-DMA support at 109.20, as the bears remain in control amid risk-aversion at full steam.

Risk-off persists at the start of a brand new week, as treasury yields and equities are sold-off.

USD/JPY Technical levels to watch:
The major finds immediate resistance at 110.68 (daily pivot). A break above the last, the major could test 110.87/111 (5-DMA/ round figure) and 111.31 (classic R2/ Fib R3) beyond the last. While to the downside, the immediate support is seen at 110.05 (classic S2/ Fib S3) next at 109.68/50 (classic S3/ psychological levels) and below that at 109.20 (200-DMA).

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