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USD/JPY edging lower as US yields slip
I know this might seem obvious, but it has to be reported and explained all the same. The US yields are now edging back off a bit more and that is pushing the USD/JPY back from its earlier session high, at 151.43. At the same time, with the EUR/JPY setting a new 15 year high earlier this morning (at 164.30) that is allowing the EUR/USD to press a little higher. The GBP/USD is now off its earlier lows too and back above 1.24 as I write. The recovery in the USD/JPY from that 150.06 low seen yesterday has been all about US yields and cross rate gains and so right now those are key to where it goes next. It is running out of steam on the topside now and that is forcing the EUR/USD back up, which is surely good news for those that are long and still anticipating more upside beyond 1.09. That will still require the EUR/JPY not to fall back by too much though. The USD/JPY is just now trading at 151.18
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