Moving back toward 110.00

The price of the USDJPY has dipped back lower as stocks and yields move to the downside. The 2 year is down -2.5 bps. The 10 year is has dipped to the negative side, after being higher earlier in the day.

As for stocks,the Nasdaq is down -50 points or -0.67% and tradiing at the lows.

USDJPY had a modest correction

The USDJPY is approaching the NY option expiration and the pair has some $2B expiriing at 110.00 level. We just dipped below the 110.00 level at 109.96. The option expire may keep the pair near the level until expiration, but the pair has a more negative feel now.

Technically, the rise off the Asian lows, moved up to 110.24 but felll short of a topside trend line and the 50% of the move down from the March 21 high at 110.325. The pair did move above the 38.2% at 110.176 but is back below that level now