The USD/JPY pair dropped to a daily low of 108.69 but managed to erase the majority of its daily losses. As of writing, the pair was down 0.03% on the day at 108.91. The modest decline witnessed in the US Treasury bond yields doesn't allow USD/JPY to push higher in the early American session. Currently, the benchmark 10-year US T-bond yield is losing 0.73% on a daily basis at 1.608%.
Meanwhile, the greenback struggles to find demand amid improving market mood on Monday. The S&P Futures are up more than 0.5% and Wall Street's main indexes remain on track to open in the positive territory, suggesting that the USD is likely to remain depressed in the second half of the day. At the moment, the US Dollar Index is losing 0.15% at 89.90. The only data from the US showed on Monday that the Federal Reserve Bank of Chicago's National Activity Index declined to 0.24 in April from 1.71.