USD/JPY consolidates in a range, just below 110.00 handle

   •  Bulls fail to capitalize on the recent positive momentum to over one-month tops.
   •  A softer tone around the US bond yields seemed to be only factor capping gains.
   •  The release of US ISM PMI eyed for some impetus ahead of this week’s Fedspeaks.

The USD/JPY pair lacked any firm direction and seesawed between tepid gains/minor losses, just below the key 110.00 psychological mark through the Asian session on Tuesday.

The US Dollar kicked off the new week on a positive note and remained supported by Friday's mostly upbeat US economic data. This coupled with improving risk sentiment further dented the Japanese Yen's safe-haven status and remained supportive of the pair's follow-through up-move on Monday.

The pair surged past the 110.00 handle and climbed to over one-month tops, albeit failed to capitalize on the positive momentum despite a follow-through USD uptick. Against the backdrop of last week's dovish FOMC message, a modest retracement in the US Treasury bond yields failed to provide any fresh impetus and turned out to be one of the key factors capping gains.

The downside, however, remained cushioned amid fading safe-haven demand as market participants now look forward to the release of US ISM non-manufacturing PMI for some fresh impetus. This coupled with speeches by a slew of FOMC members this week will further collaborate towards determining the pair's next leg of a directional move.

Technical levels to watch