The USD/JPY continues to hold a strong bid, testing session highs at 119.78, with the momentum derived from the US bond yield performance. The US ten-year bond yield has rallied above 4.66% and fresh highs on the day. Good offers remain ahead of 120.00 and many exporters left good sized selling orders around these levels before leaving for Golden Week.
In news in the Nikkei this morning, PM Abe has ruled out a double dissolution of the lower and upper house at the upcoming July elections. Stops remain above 120.00 on USD/JPY but sellers emerge at 120.05/10 and are staggered up to 120.50.
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