Iwata’s comments sparked a rally to 98.33 but it has been quickly wiped out with S&P 500 futures down 14 points.
Today has all the makings of a rock ‘n roll session.
I struggle to see USD/JPY falling much lower because of surging US yields. The 10-year is trading 9 bps higher at 2.62% and resistance is negligible until close to 3%.
The European low at 97.74 has given out but there is strong demand at 97.50 with stops below. Smaller bids at 97.20 and bigger ones ahead of 97.00.
