USD/JPY nears the November low
USD/JPY is down 76 pips to a session low of 112.43. Stops were hit in the fall below this week's low and 112.50.
The key support level to watch in the short term is 112.30.
The US Treasury curve is steeping slightly today on a front-end rally. US 2s are down to 2.73% from 2.81% earlier. The Fed funds rate is 2.00-2.25% with the effective rate at 2.20% so there's still room on the downside.
Here's the yield curve:
