USDJPY – safe-haven buying supports yen but limited gains seen so far; 200SMA is key support

The pair is trading in 112.50 zone at the beginning of European session, slightly up from Asian low at 112.32 and maintaining negative near-term tone.
Strong fall in late Friday trading erased all post-NFP gains, with weekly close below 113.00 handle, generating bearish signal.
Repeated upside failure after hitting fresh high at 113.43 was another negative signal, as Friday’s bearish candle with long upper shadow weighs on near-term action which broke below initial support, provided by 10SMA (currently at 112.63).
Renewed geopolitical tensions over North Korea sparked fresh safe-haven buying which supports yen for further advance.
However, underlying bull-trend is still intact, with fresh bullish signal generated on formation of 20/200SMA Golden-cross at 112.00 zone.
Near-term bears need to break below 200SMA for stronger signal of pullback and expose plethora of supports that lay below.
Otherwise, extended consolidation before fresh attempts higher could be expected while 200SMA holds dips.

Res: 113.00; 113.25; 113.43; 113.57
Sup: 112.32; 112.00; 111.47; 111.10