Risk trades ease lower as the market catches its breath
The yen is extending gains in the major currencies spaceUSD/JPY is holding up around 104.70 on a bounce from 104.55 but yen pairs in general are trading to session lows now as risk trades are seen easing lower on the day.
Oil has turned around gains to keep lower with WTI falling from $58.60 to $57.75, down 0.4% on the session at the moment. European equities are also keeping slightly lower while S&P 500 futures are pushed to session lows, down 0.2%.
After an euphoric start to the week, the market appears to be hitting the pause button and catching its breath for the time being. The bond market hinted at that earlier as 10-year Treasury yields are still down 2.2 bps to 1.148% currently.
Going back to FX, AUD/JPY looks to see its potential breakout yesterday fade as price falls back below 81.00 and sellers are pushing past the 23.6 retracement level of its swing move higher since last week @ 80.80 today: