The Nikkei 225 turns positive and is up by 0.06% now, after heading into the lunch break down by 0.47%
But that doesn't seem to lift the pressure off of yen pairs for the time being. USD/JPY is still pivoting around 106.00.
The pair failed to get above the recent March highs earlier this week, and has since fallen to break below the trendline support level from earlier this month.
That was a support level that held yesterday and when it broke earlier in the session today, the fall was quite steep. For now, the pair is just holding up above the lows but there isn't any strong indicators of a recovery just yet.
US Treasury yields are still hovering near the lows for the day as well, sitting at 2.8025% and trade tensions along with US politics continue to add more uncertainty to markets. Don't forget there's also fiscal year-end repatriation at play for the yen too. There's a host of reasons for the move today, as Eamonn mentioned in the wrap here.
All points are valid, but for the time being the Nikkei doesn't seem to be one of them.
