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USD/JPY reclaims 148 ahead of the European opening
Yesterday the noted fall in the USD/JPY came as US treasury yields slipped. As mentioned at the time, that was only by a handful of basis points, but it was enough these days to deliver a quite sharp shunt lower in the USD/JPY. You see that is all it takes for the robots to react and deliver a rush of dollar selling when such micro bond moves unfold. So, the USD/JPY fell towards and later below the 148 handle after the 4pm London fix. The USD/JPY later closed in the US at 147.94. That relapse led to more downside at the start of the Asian session today. The dollar fell to a low at 147.71. However, it is on the rebound now and unsurprisingly that rebound has come as those US yields edge higher today. The rebound high in the USD/JPY has just this moment been set at 148.05.
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