The yen hits a session low against most major currencies
Although USD/JPY is only seen improving slightly to 107.80 levels, the yen is hitting a low against the likes of the euro, pound, loonie, aussie and kiwi – basically everything else but the dollar. This comes as equities inch higher with US futures now up by 0.7% but also as Treasury yields pare earlier declines. 10-year yields are now back above 2.00% after having hit a low of 1.972% earlier today.
For USD/JPY, this doesn’t change much of the current sentiment as near-term bias remains more bearish and buyers will have to try and work their way back above the 108.00 handle first to try and secure any possible momentum to retest the key hourly moving averages @ 108.37 and 108.42 respectively.