Stocks and lower yields weigh on the USDJPY
With stocks and US yields tumbling, that has pushed the USDJPY to the next downside target at a lower trend line at 109.513.
A move below opens the door for more selling in the pair.
Both the S&P and the Nasdaq fell below their 50 day MAs at 2859 and 7835 respecitvely. The S&P is trading at 2843.74, while the Nasdaq is trading at 7816.
The US 10 year is down -5.9 bps now and trading at session lows. The 3 month to 10 year spread went inverted for the first time since March.