USD/JPY slips below 134.00, fresh daily low amid broad-based USD weakness – by hareshmenghani USDJPY Fed Bonds RiskAppetite Currencies
Elevated US Treasury bond yields should limit the USD losses and act as a tailwind.USD/JPY pair
retreats from a nearly five-week high, around the 134.80 region touched earlier this Tuesday and extends its steady intraday descent through the mid-European session. Spot prices slide below the 134.00 mark in the last hour, eroding a major part of the previous day's gains and snapping a two-day winning streak.
The aforementioned fundamental backdrop makes it prudent to wait for strong follow-through selling before positioning for any further intraday depreciating move. Market participants now look forward to the US housing market data - Building Permits and Housing Starts - for a fresh impetus during the early North American session. Apart from this, the US bond yields will influence the USD price dynamics.
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