The USD/JPY has dropped off the highs this morning to current levels of 120.27 in about of profit-taking on the new USD longs though with traders reporting that sovereign names including Asian accounts are selling USD/JPY into the current rally, capping USD/JPY.
However, dealers also say that a quasi-official account has been a buyer near the highs, helping to underpin USD/JPY and there is talk of USD buying at the London fix that is supporting USD/JPY on this slight dip and adding to the bid tone currently. US ten-year bond yields remain at session highs around 4.68% and continue to support USD/JPY.
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