The people have spoken and they want Treasuries. the 10-year note has fallen 12 bp today, down to 3.33%, in the wake of a very successful auction.
The last thing USD/JPY needs at the moment is lower US yields; it only makes a bad situation worse.
USD/JPY is trying to consolidate after slipping as low as 91.77. It about 1.5 JPY below anything that can be thought of as resistance from a chart perspective. Fibo resistance comes in at 93.76, the 38.2% retracement of the 96.98/91.77 range that has been in place so far in the month of July.
