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USD/JPY on the rebound after slide towards 149 yesterday
The USD/JPY took a hit yesterday in what was clearly a 4pm London fixing order. The USD/JPY crumbled to 149.08 for that event, before rebounding steadily into the US close, where it ended that session at 149.60. The price action so far today has been covered by 149.50 to 150.24. The further rebound this morning comes as US yields steady above 4.20% in the 10 year note. At the same time calls for a BOJ rate increase on December 19 have grown a lot louder in recent days, following the surprisingly high Japanese inflation prints last week. That has certainly made the downside for the dollar more vulnerable and as you saw yesterday, it has hammered the EUR/JPY and the GBP/JPY at the start of this week too. The USD/JPY is currently trading at 150.10
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