Yen crosses continue to trade lower in European session and accelerate after weaker than expected Eurozone and UK data.
EUR/JPY broke 109.22 support and then 128.94 support without hesitation. GBP/JPY also broke 147.04 support. Both confirm near term down trend resumption.
USD/JPY also takes our near term channel which should now bring deeper corrective fall to 108.82 support.
Falling treasury yield is seen as the main factor driving the moves.
US 10 year yield reaches as low as 3.011, comparing to yesterday’s close at 3.063.
German 10 year bund yield reaches as low as 0.497, comparing to yesterday’s 0.559.
UK 10 year gilt yield dips to as low as 1.449, comparing to yesterday’s 1.523.
Chart screenshots from MarketWatch.
