Risk trades have been treading water all day. They got a stay of execution when New York went for lunch but with the S&P 500 clinging to a 3-4 point gain, it felt like it was only a matter of time. The strong bid for safety in the 5-year auction also ruffled a few feathers.
USD/JPY has fallen 15 pips in the past few minutes to 102.15. Yesterday’s low of 102.09 is a level to watch and there is talk of persistent yen buying heading into Japanese fiscal year end. Stronger demand is down at 102.00 with stops below 101.95.
USDJPY hourly
