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USD/JPY not backing off too much yet today

Yesterday the jump higher in the USD/JPY came after the latest US CPI data surprised many in the markets. The dollar lurched above 150 and then continued to extend into and after the 4pm London fix. The move was propelled by a jump in US yields, as the 2 Year note rise to 4.66% and the 10 year note lifted above 4.30%. That puts them right back to where they were before the Fed boss started all his talk about cutting rates sooner rather than later. So, the USD/JPY needed little excuse to surge yesterday and reached 150.89, before closing yesterday at 150.80. That rise does bring the well-noted double top (151.95 and 151.91) from the past couple of years right back on the table. That said the dollar has pared some of those gains in Tokyo today, but in real terms not by very much. There will be more to add on this one and the GBP/JPY this morning too. The range seen so far has been covered by 150.42 to 150.83. It is just now at 150.49

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