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USD/JPY drifting lower as US yields slip
Gradually over the course of the morning the USD/JPY has been edging lower. The failure to retest the earlier Asian high (150.74) during the early European session has now given way to some downside and a short while ago the USD/JPY fell to a European session low, at 150.19. It had reached 150.65 earlier, as the European stock markets reopened. The reason for the relapse is not that clear-cut but could have something to do with US yields leaking a little lower. The 10 year note is now around 4.48%. However, at the same time the EUR/USD and the GBP/USD have not bounced at all and so we can also assume a degree of downside traction in the EUR/JPY and the GBP/JPY is also behind the lack of traction in the USD/JPY. Things might change this afternoon, but it will probably require some decent US PMI data to facilitate that. The USD/JPY is just now at 150.27
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