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USD/JPY rejects a recovery above 152 as European stocks retreat
Earlier this morning an update here noted the USD/JPY creeping back towards 152. Well, as you can see, the dollar clearly ran into sellers ahead of that level and the noted 200 day moving average. That was not exactly a great surprise and the combination of a number of factors has helped to push the dollar a little lower, from an earlier high, at 151.95. Those factors are mostly geopolitical in nature and the same reason perhaps why the European stock markets have peaked and now turned lower. That said, the downside in the DAX and the CAC has been modest so far. The lack of any support from what might be higher US yields today is also a factor determining the price action in the USD/JP, because the US treasury markets are closed today. The USD/JPY is right now at 151.68
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