The USD/JPY pair refreshed daily lows during the early North American session, with bears now looking to extend the downfall further below the key 110.00 psychological mark. The pair struggled to capitalize on its intraday positive move, instead met with some fresh supply near the 110.55 region and drifted into the negative territory for the second straight session. This also marked the third day of a downtick in the previous four and was sponsored by a combination of factor.
The ongoing retracement slide in the US Treasury bond yields dragged the US dollar back closer to over one-week lows touched earlier this Tuesday. Apart from this, a generally softer tone around the US equity markets underpinned the safe-haven Japanese yen and contributed to the USD/JPY pair's slide of over 50 pips.