USD/JPY advances to highs near 112.30

The Japanese yen is extending its downside on Tuesday, helping USD/JPY to clinch fresh tops beyond the 112.00 handle.

USD/JPY up on US yields

The pair is trading on a firm note so far today, visiting levels last seen in late March above the 122.00 handle amidst a continuation of the selling mood around the safe haven JPY and a better performance from yields in the US money markets.

In fact, the yield of the US 10-year reference has started the month on a positive footing, so far challenging 2-day tops above the 2.33% level.

On the data front, nothing relevant from the BoJ minutes earlier in the session, while an empty docket in the US today should prompt some cautiousness from market participants in light of the imminent FOMC meeting on Wednesday.

USD/JPY levels to consider

As of writing the pair is gaining 0.37% at 112.25 and a surpass of 112.68 (61.8% Fibo of the March-April drop) would expose 113.36 (100-day sma) and finally 113.56 (high Mar.16). On the other hand, the next support aligns at 111.81 (50% Fibo of 115.51-108.11) followed by 111.18 (low May 1) and then 110.85 (low Apr.26).