USD/JPY bounces back
Not so fast.
USD/JPY plunged early in New York trade but with a better tone in risk assets it’s bounced right back.
This pair has been in a downtrend all month but this is the first good sign that it’s running out of gas.
What has helped the turn is a pair of very strong US data releases in the Markit services PMI (record high) and new home sales at 1021K vs 885K expected.