USD/JPY is still offered with the slide in the USD/JPY and JPY crosses unnerving the market. Despite a bounce in the DJIA, which is now up 27 pts, USD/JPY is trading at 117.12/17 and headed back to the 117.06 lows traded earlier. Bids remain at 117.00 and 116.80/90. EUR/JPY, unable to trade back above 156.00 where stops were triggered earlier, has dropped back to 155.72.
Bids are now reported at 155.50 that should stall the decline. US bond yields have failed to bounce despite stock gains, and this too is weighing on USD/JPY. US/JY two-year bond yield spreads have dropped back to 378 bp today from 385 bp yesterday, helping to weigh on USD/JPY. The spread is above recent lows of 374 bp however, but down from 405 bp a month ago.
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