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USD/JPY slides towards 149 again as major Yen crosses reverse lower
The Yen crosses have fallen back again today and now the GBP/JPY is below the 189 handle and the EUR/JPY has backed away from an earlier move close to 158. That has since fallen below 157 and both moves come as the USD/JPY slides towards 149 once more. There does not appear to be any direct news based catalyst for the fall in the dollar and US yields are only fractionally lower. However, as repeatedly noted before, it only takes a couple of basis point move in those yields to shift the dynamic and that is what appears to have played out again this afternoon. The low seen on the USD/JPY yesterday was set at 149.08. The low so far on this latest downside run has been set at 149.15. It is just off that low now, currently trading at 149.22
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