Existing home sales have declined by 2.6%, more than expected, a four-year low, weighing on the USD with USD/JPY retreating to 121.51 on the data, down from the highs of 121.75 seen so far. US ten-year bond yields had highs around 4.866% this morning prior to the data, keeping USD/JPY bid, but have now dropped back to 4.855%, also adding to USD pressure.
However, in the wake of overnight volatility and ahead of the long weekend, with many traders already taking today off, dealers are looking to square up quickly into the London close and before US midday hoping for better trading conditions next week. USD/JPY intraday support is at 121.45 with further support at 120.90/00. Offers remain at 121.75 and above.
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