USD/JPY is off to the races again after overcoming resistance in the 97.45 area and triggering a fresh round of stops above 97.50. Dealers note USD buying from real money accounts on the move higher in USD/JPY and the move to the downside in EUR/USD. Next resistance in USD/JPY is in the 98.00/25 area area. Beyond that level is 98.90, the 50% retracement of the 110.70/97.10 decline
US equities are improving in the wake of details of the Treasury’s bank capital plan, now down less than 0.5% on the day. US yields are backing up, helping support the greenback. 2-year notes are yielding a robust 1.10% this afternoon.
