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#USDJPY – Declines to 107.47, lowest level since Jan 4th after sell stops triggered

The USDJPY weakened in lockstep with the US 10Y Yield and hit 107.47, its lowest level since Jan 4th. Word from the grapevine suggests that interbank spot FX desks triggered stops that were under the 107.82 low.

The pair is worth keeping an eye on at current levels as it has reached the lower end of its range, on a closing basis. At the time of writing the pair is bouncing and retesting it’s 107.85 support turned resistance level intraday.