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USD/JPY gets caught up in EUR/JPY slide
The USD/JPY closed out the month on Friday at 155.19. Initially it rose on the Asian opening to 155.79, but almost immediately it fell back to 154.67 and that relapse was all about the EUR/JPY. That got crunched to exactly 158. It had hit a high on Friday at 161.50 and set a monthly close at 160.78. The combination of risk aversion and slide in the EUR/JPY has prevented any further upside for the USD/JPY so far today. Japan is not yet on the list of countries targeted by Trump and the point about that was made here a couple of weeks back and has much to do with Japanese investment via SoftBank in the US super A1 hub project. That also explains the inverse reaction in the Yen so far today. That might change of course, but for now those combined dynamics have stunted any lasting dollar gains for the time being. The range seen so far today has been covered by 154.67 to 155.89. The USD/JPY is right now at 155.40
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