USD/JPY refreshes session lows, weakens farther below 110.00 mark

   •  USD struggles to build on post-NFP rebound. 
   •  Risk-off mood boosts JPY’s safe-haven appeal.
   •  US ISM PMI eyed for some fresh impetus. 

The USD/JPY pair stalled a modest Asian session rebound near the 110.10 region and refreshed daily lows in the last minute.

Against the backdrop of a subdued US Dollar price-action, a weaker trading sentiment around equity markets underpinned the Japanese Yen's safe-haven demand and was seen as one of the key factors behind the pair's slide of around 25-pips over the past hour or so.

However, expectations for a pickup in the US inflationary pressure and Fed rate-hike prospects, especially Friday's upbeat wage growth data, should now limit any deeper corrective slide, at least for the time being. 

With global risk aversion trade acting as an exclusive driver of the pair's movement at the start of a new trading week, traders now look forward to the release of US ISM non-manufacturing PMI for some short-term trading opportunities. 

Technical levels to watch

A follow-through selling pressure could drag the pair back towards 109.40 horizontal support, which if broken might expose the 109.00 handle ahead of the next major support near the 108.70-65 region.

On the upside, the 110.00-110.10 region might continue to act as immediate resistance, above which the pair is likely to make a fresh attempt towards clearing mid-110.00s supply zone before darting towards the 111.00 handle.