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USD/JPY tentatively back above 150 this morning
The fall in the USD/JPY came yesterday as US yields fell back. The 2 year note slipped from around 4.64%, to around 4.56% and that was certainly enough to send the USD/JPY down from an earlier session high at 150.44, to a low at 149.69 just ahead of the 4pm London fix. It did later rebound into the US close, where it ended the session at 150.01. The range seen so far today has mostly traded around that 150 level, with 149.85 to 150.09 covering it ahead of the European opening. The US 2 year treasury yield is right now at 4.59% and once again it looks like that will be front and centre in dictating the price action for the USD/JPY today. It also looks like 149.50 to 150.50 has it surrounded for the time being. The USD/JPY is just now trading at 150.07
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