February 4, 2023

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USD/JPY rebounds along with US equities and yields

1 min read

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.

USD/JPY bounces 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.

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