Big turnaround in USD/JPY
A mix of risk-on has shifted into more of a dollar selloff.
It’s been a wild ride in USD/JPY today as the pair dropped on the Navarro story, then rebounded on the denial, then jumped on a positive risk tone and has now plunged. USD/JPY is now just pips away from the June low of 105.57.
At the moment support at that low is holding but a breakdown would clear the way for a test of 106.00, which was the early-May low.