USD/JPY dips to a low of 114.07
For much of September and up until yesterday, the pair has been underpinned by higher Treasury yields. And when yields are breaking out today, yet the pair is falling. So, what gives?
There are a couple of things working against a move higher in USD/JPY today. Firstly, it’s that higher yields have sparked worries in the equities market and fears/losses in that space has translated into a stronger yen. E-minis are down by 0.4% ahead of the cash equity market open at the moment.