USD/JPY: yen picking up a bid in early Tokyo, but ...

USD/JPY is under pressure in the Tokyo open and has slid from a high of 104.93 prior to the open, extending losses to a low of 104.33 in recent trade.

But, overall, the dollar and denominated assets and US stocks are bid with the background of continued safe-haven play while in the foreground, the BOJ Governor Kuroda and Prime Minster Abe have been advocating easing measures that could come any time from the BoJ on the back of the weekend's election and subsequent results.

USD/JPY levels

Valeria Bednarik, chief analyst at FXStreet explained that in the 4-hours chart, the technical indicators maintain their bullish slopes barely easing their upward strength, whilst the price stalled right around the 200 SMA, testing the moving average for the first time since early June. The risk remains towards the upside, and a break above 105.40 should confirm a continued advance for this Wednesday, with scope to extend up to 106.80, the pre-Brexit high."