USD/JPY Steady as S&P 500, Nasdaq Slip Below 100-Hour MAs on Yield Rise

US equities opened the final session of the month on the back foot, with the S&P 500 and Nasdaq Composite both breaking below their 100-hour moving averages, a short-term technical signal that has shifted intraday momentum lower. Despite Monday's pullback, the S&P 500 holds a 2.54% monthly gain while the Nasdaq is up 3.69%, indicating profit-taking into month-end rather than a trend reversal. The selling pressure stems from rising US Treasury yields after Fed Chair Kevin Warsh's hawkish Jackson Hole remarks tightened financial conditions and revived rate-hike pricing. Higher yields support the dollar against low-yielders, keeping USD/JPY bid, while softer risk appetite typically weighs on AUD/USD and NZD/USD as carry positions are trimmed. Traders should treat the 100-hour moving averages as the immediate pivot: reclaiming those levels would neutralise the bearish tilt, while sustained trade below opens the door to deeper corrective moves. Continued equity weakness alongside firmer yields favours defensive dollar and yen exposure through the start of September.