USD/JPY: Bearish trend to gain momentum on a break below 104.40

The greenback extends its decline this Tuesday, with USD/JPY trading near a daily low of 104.53. Critical near-term support is seen at 104.40, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“US Treasury yields lead the pair, retreating further from Monday’s peaks. Adding pressure, European indexes trade in the red, dragging US futures lower.”

“The decline has paused but could resume on a break below 104.40, the next Fibonacci support level.”