The US dollar found a bid on rising yields but couldn't get through 140.00 against the yen and has retraced. It was the second try at 140.00 today with both stalling at 139.99. That suggests a strong barrier at the figure and it now traces out a technical double top.
The failure to break through 140.00 appears to have turned the broader US dollar market. EUR/USD fell as low as 1.1175 but has rebounded to 1.1195.
The fixed income market is playing a role today as yields bounce around but they certainly aren't playing a decisive role. Even as they rise, the dollar isn't getting much traction. US 2-year yields were last up 1.5 bps on the day to 4.76%.
