At this time yesterday, USD/JPY was testing 148.00 and now it's trading at 144.60.
It's been a rapid reversal as the US dollar sells off broadly in light of the move to peace in the Middle East and the swan dive in oil prices, which will curb inflation. The Fed now has more latitude to cut rates if jobs data stumbles and inflation stays low.
You can see the drop in this pair as a complete retracement in the move that started with the Iran-Israel war and we're still not all the way there. The move has been fast though with a big reversal and that's a sign of powerful momentum.
That said, I believe yields will need to fall further to sustain any real challenge of 142.00.
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