USD/JPY getting comfortable around 109.00 as markets consolidate on the Greenback

• The US Dollar is pulling back against the Yen, but plenty of fight still remains.
• A bearish correction for the pair is struggling to materialize smoothly.

The USD/JPY is recoiling in early Tokyo trading, sliding into 108.80 before returning to the 109.00 level as the Greenback pulls back in consolidation-minded markets.

Asia markets are experiencing some risk-off feelings after Japan's year-on-year Household Spending for March declined by -0.7%, pushing the Yen higher as traders stepped back into the safe haven currency against the US Dollar.

No other data remains on the docket for the USD/JPY pair for Tuesday, outside of a speech by the US Fed's Jerome Powell due at 09:00 GMT.

USD/JPY analysis: waiting for fresh clues around 109.00

USD/JPY levels to watch

The pair's bullish trend remains intact, but further corrective downside is always possible as noted by FXStreet's Chief Analyst Valeria Bednarik: "the previous bullish trend that drove the price up to that level is still in place, given that in the 4 hours chart, the pair keeps developing above a daily ascendant trend line coming from early April and also above a bullish 100 SMA, both in the 108.50 region. In the same chart, the Momentum indicator aims to cross its mid-line into positive territory, but the RSI indicator already resumed its decline, now around 45, leaving a mixed picture that indicates that nor bulls neither bears are willing to act at the time being."

Support levels: 108.95 108.50 108.00

Resistance levels: 109.35 109.60 110.00