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The USD/JPY pair maintained its offered tone through the trading session, with bears now awaiting a sustained break below the key 110.00 psychological mark. The pair failed to capitalize on last week's solid rebound from the 108.70 region, or the lowest level since late May, instead witnessed some selling on the first day of a new week. The USD/JPY pair, for now, seems to have snapped three consecutive days of the winning streak and was pressured by a combination of factors.

Worries that the fast-spreading Delta variant of the coronavirus could derail the global economic recovery weighed on investors' sentiment. This was evident from a generally negative tone around the equity markets, which, in turn, benefitted the safe-haven Japanese yen and exerted some downward pressure on the USD/JPY pair.