USD/JPY opened down in Asia as the risk rally undermines the safe haven of the US dollar, continuing the theme from Wall Street.
The US dollar fell against all G10 currencies on the day. USD/JPY slipped a modest 20 pips net to 107.30.
At the time of writing, USD/JPY is trading at 107.22 between a tight range of 107.31 and 107.22.
The JPY has also been weakened on the crosses as the safe havens were sold off on global economic recovery hopes. Markets are mixed which likely leave the pair in familiar ranges on a light calendar for the day ahead.
We have supports at 107.04-12, 106.85-90 and resistances at 107.55-60, 107.75-80, 107.95-108.00.
Wall Street managed to stage a come back after the prior sessions slump on coronavirus spread concerns.
However, the mood was more upbeat mid-week.