USDJPY ping pongs between trend lines

The USDJPY - and all of the major currency pairs - is in a volatile up and down range. The earlier move in the US session was a move to the upside where the price stretched above the 50% of the January range at 130.989. However, the price ran into the topside trend line and found sellers leaning.

The price then reversed with momentum to the downside and is down testing the lower trend line at 129.941. The price is now ticking below that trend line to a new US session low at 128.869. The low for the day is down at 129.718.

US yields are lower with the 10 year down -5.2 basis points. The 2 year yield is down 2.0 basis points and near lows. Lower yields are helping the trend back to the downside over the last few hours of trading.

IN the US stock market, the major indices have seen losses erased with the major indices trading above and below the unchanged levels for the major indices.