USD/JPY held its ground when US stocks slipped but now the S&P 500 is close to unchanged and the pair is up to 102.60. If we see a clear move into positive territory, watch minor resistance at 102.80 and look for a test of the 102.93 session high. That’s followed by the 55-day moving average at 103.09.
Similar story in bonds as 10-year yields are now up 4 bps on the day and have never fallen into negative territory despite the worries.