USD/JPY stays pressured as lower yields weigh ...Middle East

10-year yields in the US are now down by 5.5 bps to 3.625% and that is weighing further on USD/JPY today. The pair is now down 1% to fresh lows at 140.43 and that is bringing closer the December 2023 low at 140.24 as well as the 140.00 mark. The bounce early yesterday was certainly short-lived, that especially as traders continue to price in stronger odds of a 50 bps rate cut by the Fed next week.As things stand, Fed funds futures are showing ~116 bps of rate cuts by year-end. Personally, I still think that's a step too far but traders aren't backing down from their conviction this week. The odds of a 50 bps rate cut next week are now at ~41%.Anyway, a key chart to watch for the dollar and U

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