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USD/JPY poised for a drop to 108.00 handle

OANDA:USDJPY   U.S. Dollar / Japanese Yen
The pair clocked a high of 109.76 levels as the treasury yields recovered from the Asian session lows to trade in the positive territory.
However, the rally in the pair from 108.00 to 109.76 appears to be a trap. This is because the treasury yields were muted yesterday… despite the strong US data.

For example – The recent high of the 10-yr Treasury yield is 2.3% (Monday’s high). The yield revisited 2.29% today before falling back to 2.24%. Meanwhile, the Dollar-Yen pair rose from 108.00 to 109.76, which clearly states the move could be surrendered given the 10-yr yield failed near 2.3% today.

On the charts, we have a bearish price RSI divergence on the 4-hour chart, while the daily RSI too has hit the overbought territory.

Thus a retreat to 108.00 appears more likely.
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