USD/JPY falls below 112.30
I highlighted 112.30 as a technical level to watch earlier and now it's given way. That brings USD/JPY to the lowest since October 28
Additional selling is being driven by the continued drop in US Treasury yields. US 2s are down 9 bps to 2.71%.
The talk now is about this month's Fed meeting. It was long thought to be a done deal but the market is starting to have second thoughts. The implied odds of a hike on Dec 19 are down to 64% from 80% on Monday.
