Gold lifts with USD/JPY as dynamics shift but will it last?

This morning Gold is holding the gains seen later yesterday. That saw the metal initially slide to a fresh interim low at $2,364.13, which as noted at the time, was briefly underneath its 50 day moving average. As with BTC, the rebound that followed came into the 4pm London FX fix. Gold recovered back above $2,400 and later closed in the US at $2,410.79. It has made a bit more progress earlier today, reaching a high so far at $2,418.39. It is also worth noting this morning, in what is a departure from the more usual dynamics; gold is rising with the USD/JPY and not falling and the reason for that is easily explained- it has little to do with US yields right now, because those are actually higher right now. It is all about the Yen reacting and correcting what was a massive move higher in recent sessions. Gold is currently trading at $2,406.75