• USD/JPY off overnight on the back of even lower US yields, JPY haven flows?

• Down to 149.11 EBS into the New York close, Asia so far today 149.15-62

• Back below the still descending daily Ichimoku tenkan currently at 149.25

• Also back below descending 200-HMA at 149.97, cloud between 149.87-150.33

• US yields off another leg, Treasury 2s @3.937%, 10s @4.139% now

• JGB yields remain firm with 2s @0.824%, 10s @1.394%, 1.420% high yesterday

• Yield differentials off hard again, in 2s down to @318, 10s @274 bps

• USD/JPY on course for another test of 149.02 low Feb 25, 149.00, stops below

• 149.00 break projects test to 148.65 low on Dec 3, 24

• On options front, some chunky expiries today between 148.00-15, at 148.30

• At 148.90, between 149.30-35 and at 150.00 but nothing massive

• Trump comment on JPY also looking to keep upward pressure on the yen

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USD/JPY:


JGB-US Treasury 10-year interest rate differential:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)