The earlier rise came amid higher yields while equities were still calmer. But as the latter is seen slumping heavily in European morning trade, the yen is arguably picking up on safety flows as well in the past hour. Even with a steadier dollar, USD/JPY is now down to hit a low of 142.85 on the session:
USD/JPY hourly chart
The pair remains rather volatile so far this week and that is also evident by price action that we saw yesterday. There was an initial slump lower in Asia and European trading before a turnaround in the US session after the hot ADP employment data.
In the bigger picture though, the pair is still very much caught between key technicals around 142.00 to 145.00 for now.
