USD/JPY struggles for a firm direction, stuck in a range above 111.00 mark

   •  Renewed USD weakness fails to assist any further. 
   •  Surging US bond yields/risk-on mood limits downside.
   •  Traders await US data for fresh impetus. 

The USD/JPY pair struggled for a firm directional bias and seesawed between tepid/gains minor losses within a broader trading band. 

Currently placed near the middle of its daily range, around the 111.30 region, a combination of diverging factors did little to provide any fresh impetus and has led to a subdued/range-bound price action on Thursday. 

Renewed US Dollar weakness failed to assist the pair to build on overnight strong recovery move from 4-month lows, while the latest leg of upsurge in the US Treasury bond yields kept the pair underpinned through the mid-European session. 

Moreover, the prevalent risk-on environment was further seen weighing on the Japanese Yen's safe-haven appeal and might also contribute towards limiting any deeper retracement, at least for the time being.

Moving ahead, today's US economic docket, featuring the release of housing market data, Philly Fed Manufacturing Index and initial weekly jobless claims, would now be looked upon for some short-term trading opportunities. 

Technical levels to watch

The 111.00 handle might continue to act as an immediate support, which if broken could drag the pair back towards 110.50-45 strong horizontal support. On the upside, momentum beyond mid-111.00s could get extended towards the 111.70 hurdle (200-day SMA), above which the pair seems to aim towards reclaiming the 112.00 handle.