The selling pressure behind the USD/JPY pair accentuated over the last hour, as a renewed bout of risk-aversion hit markets after the oil prices hit fresh session lows. USD/JPY another attempt to 109? The bulls tightened their grip on the Japanese yen in the early European trades as the oil slump gathered pace and weighed heavily on the market sentiment, sending Asian equities lower. At the time of writing, USD/JPY hovers around 109.93, retreating slightly from fresh session lows struck at 108.86, down -0.24% on the day. However, the downside remains capped on the back of a mild pullback in the US dollar and weaker Japanese trade balance numbers. Japan’s trade surplus expanded, although imports plummeted 14.9% y/y in March to JPY5.7 trillion, while exports fell 6.8% over the same period to JPY6.5 trillion. On the data front, next on tap remains the US existing home sales data due later in the NY session for further cues on the USD moves. While the oil price action will be closely monitored by markets. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 109.50/ 53 (daily R1). A break above the last, the major could test 109.77/109.80 (Apr 15 high/ 20-DMA). While to the downside, the immediate support is seen at 108.76/73 (10-DMA/ 1h 200-SMA) and below that at 108.57/50 (Apr 15 low/ psychological levels). For more information, read our latest forex news.