The low hit 128.60 and that’s difficult every day assist from the 4 Could low @128.62 at the moment.
It is a risk-off story in markets at present and the yen is benefiting closely from that, not least with the retreat in Treasury yields this week. 10-year yields have fallen from a excessive of three.20% on Monday to be down 7 bps to 2.84% at present now.
That has helped to contribute to a restoration within the yen over the previous few classes, with USD/JPY now tipping to the draw back to check the short-term assist stage above.
It could not look like a lot however it’s a important stage as a break beneath that leaves little by way of technical assist for USD/JPY subsequent by to the 26 to 27 April lows close to 127.00.