USD/JPY trades at fresh session lows, down as far as 88.74 in the last few minutes. Stops are seen at the 88.70 level (a crazy spot, since trend lows are down at 88.55…) , t5raders report. Barriers are rumored at 88.50 while stops sit just below at 88.40/45.
Slumping US yields are helping undermine the rate sensitive USD/JPY. We trade at 0.81% in 2-year notes, down about 10 bp from early in the week. Soft existing homes sales data adds to recent poor economic figures like jobless claims and the new home sales numbers earlier in the week.
EUR/JPY is slipping along with EUR/USD as intraday longs book profits as EUR/USD is holding below the 1.3693 level where it stalled earlier in the week. it trades at 1.3630 while eur/jpy is at 121.05 from 121.65 highs.
