Having surrendered gains, the USD/JPY pair now trades around 109.40 levels and has its eyes set on hourly 50-MA located at 109.31 levels. Equities no longer guide Yen Tables have turned since last week as it is now Yen that alters sentiment in the equities and not the usually seen other way round. Yen is once again attempting gains as treasury yields show no signs of life. Moreover, moderate gains in Asian equities and similar signs in the major European equities are being ignored by Yen. Ahead in the day, US industrial production and the resulting impact on the treasury yields could influence USD/JPY pair. USD/JPY Technical Levels A break below 109.30 (hourly 50-MA), under which losses could be extended to 109.06 (hourly 200-MA). A violation there could yield 108.79 (hourly 100-MA). On the other hand, a break above daily high of 109.73 would shift risk in favor of a rise to 110.00, above which prices could test supply around 110.67 (Mar 17 low). For more information, read our latest forex news.