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USD/JPY trades below 155 now as Yen and Dollar attract safe-haven flows

The USD/JPY has fallen back further since the last update here. An initial test of 155 was delivered by headlines on a leading news wire citing bond buying reduction in June by the BOJ. The dollar did bounce from there, but since then it has just now traded at 155 again. At the same time the dollar is firmer versus Europe, with the EUR/USD and GBP/USD both close to session lows as this update is written. So, what we have is further downside in the likes of the GBP/JPY and the EUR/JPY. The CAD/JPY has been hammered too and remains the one major Yen cross that has really fallen hard since this time yesterday. The fact that the dollar and the Yen are both gaining in relative terms right now is a clear indication of the impact of all that has transpired so far today in terms of risk aversion and stock market losses. The USD/JPY has now traded to below 155, currently trading at 154.94

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