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FOREX: USDJPY Extends Drop to 0.97% as US Front-End Yields Fall

FOREX
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  • The decline for US two-year yields is picking up pace in the aftermath of the US Challenger job cuts data, as Fed rate cut bets also gather momentum. As such, USDJPY falls to the lowest level of the session at 147.43 in recent trade, the lowest level since early October last year.
  • The pair had already been trading heavy as markets digest the latest Rengo pay tally data, which was an upside surprise in Japan. Price dynamics keep the trend needle firmly pointing south for USDJPY.
  • Today’s resumption of the downtrend paves the way for an extension towards 146.95, a Fibonacci retracement. Below here, 145.92 is the level of note, the Oct 4 ’24 low.
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  • The decline for US two-year yields is picking up pace in the aftermath of the US Challenger job cuts data, as Fed rate cut bets also gather momentum. As such, USDJPY falls to the lowest level of the session at 147.43 in recent trade, the lowest level since early October last year.
  • The pair had already been trading heavy as markets digest the latest Rengo pay tally data, which was an upside surprise in Japan. Price dynamics keep the trend needle firmly pointing south for USDJPY.
  • Today’s resumption of the downtrend paves the way for an extension towards 146.95, a Fibonacci retracement. Below here, 145.92 is the level of note, the Oct 4 ’24 low.