Dollar selling takes hold
The US bond yields are falling and pulling down USD/JPY with it as the market prices in Federal Reserve rate cuts.
The US 2-year yields is down 10 basis points to 1.38%, which is a fresh cycle low. That doesn't bode well for USD/JPY. Technically, the double top at 108.50 is also negative sign. With today's break lower, the pair has cut through 107.00 support and confirmed the top. The measured target 105.50.
