USD/JPY moves up to 106.34 from 105.80 levels
I’m not seeing any solid reason for the jump higher here as Treasury yields stay pressured but US futures are paring back earlier losses to near flat levels now so perhaps that is feeding into the move we’re seeing here.
Besides that, there’s a stray comment by China’s foreign ministry that it hopes for US to meet them halfway in trade talks but that isn’t anything new. If anything, this looks like an algo move that went wrong.
E-minis actually spiked to highs before retreating slightly now to +0.3%. I reckon this is surely an algo move that has gone awry because what China said isn’t anything new in my view.