USD/JPY is giving back earlier gains (which didn’t make much sense in the first place), playing a bit of catch-up with the risk-off environment.
Sharply lower US yields are no doubt contributing to the lower USD/JPY as yileds fall from 3 bp on the short-end of the yield curve to 7 bp on the long-end. US 10-year notes ate at a 2.91% yield, near the lowest levels since January 2010.
80.34 is next support for USD/JPY. Solid support is seen just below 80.00 with more at 79.65/70.
