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Major Yen crosses feel the heat as USD/JPY reverses below 157.50
Earlier this afternoon the USD/JPY rose to a new 2025 high after the US jobs report, at 158.87. Well, since then it has been falling back and given the US data and the rise in US yields, it is quite hard to explain the move to a new session low since then, at 157.61. To be honest with you there are few excuses here for that and it also comes as the EUR/USD and GBP/USD remain at lower levels. So, the only take away from all this is to try and excuse that as cross rate selling pushing the USD/JPY lower. That could be as US stocks balk and fall back further, perhaps driving risk haven flow back to the Yen? It might be possible to blame gold, now above $2,690 for undermining the USD/JPY which is right now trading at 157.44
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