The USDJPY fell earlier in the day, as flow of funds moved into the relative safety of the JPY . Stocks and rates in the US were also lower contributing to the declines in the USDJPY.
USDJPY gets a boost
Stocks started to rebound, as did yields. Both helped to give the USDPJY a boost. In the US debt market, the 2 year reached 3.94% up 9.1 bps. The 10 year moved to 3.465%, that’s up 6.9 bps.
Technically, looking at the 4 hour chart above, the low price today found support near a swing area between 130.345 to 130.60. The move back higher has seen the price move above 131.297 to 131.567 another swing area, and a broken trend line which cuts across in within that area. That area is now close support. Stay above 131.297, and the buyers are more in control. Move below and there could be some downside disappointment once again.