Forex: USD/JPY bounce capped below 92.50

Yen has been weakening again since Tokyo open, with USD/JPY last at 92.45, off session highs at 92.51, bouncing from recent weekly lows at 91.96 printed by early Asian trade. Nikkei index is down -0.89% from yesterday's close, last at 11161 points, off session lows near the 11000 points where it started the day following a gap down at the open.

Yen is still weakest currency among majors, despite recent recovery higher in last 12 hours since late London session, back again showing weakness across the board. US 10 year bond yields eased to 2% from recent 9-month highs at 2.04%, while SP500 closed in NY down by -1.15% following big loses in Europe, with Spanish IBEX35 down by -3.61%. Local share markets in Asia-Pacific are all in the red, with Hang-Seng down by -1.69%.

Immediate resistance to the upside for USD/JPY shows at recent session highs/yesterday's Asia-Pacific lows 92.51, followed by Friday's highs at 92.95, and Monday's fresh 34-month highs at 93.18. To the downside, nearest term support lies at recent weekly lows 91.96, followed by Friday's NY session lows at 91.79, and Wednesday's highs at 91.38.