USD/JPY fails to recapture 106.00 on recovery, resumes sinking

• The Yen is gaining once more as trade war fears grip global markets all over again.
• NFP week sees risk appetite in full retreat ahead of the US jobs report at the end of the week.

The USD/JPY is heading lower once more after recovering from a bottom of 105.65 in Monday's trading, and the pair is testing below 105.75 as risk aversion continues into the Tuesday Tokyo markets.

The Yen saw wide uptake as the Greenback slid and equities and other risk assets tumbled on the post-holiday market action, with risk appetite evaporating at the outset of the new week.

The USD/JPY managed to reach a high of 106.45 during the European market session, but with most European exchanges shuttered for the Easter Monday celebrations the broader markets didn't really get moving until the US session, where the USD proceeded to dump approximately righty pips from the day's high.

There is very little data for the Yen this week, though Household Spending due late on Thursday may give traders something to bid about if the numbers miss or beat expectations by enough, with the indicator currently forecast to print at 0.3 percent, a decline from the previous reading of 1.3 percent.

This week's focus is going to remain squarely on US Non-Farm Payrolls, due on Friday.

USD/JPY Levels to consider

As FXStreet's own Flavio Tosti noted earlier, "The USD/JPY is finding intraday support at 105.76 at the 50-period simple moving average, while the momentum remains bearish. The next support is seen at 105.13 swing low and 104.63 cyclical low established on March 25th. Resistance is seen at the high of the day at 106.47 and at the 107 handle."