Yen buying is becoming prevalent once again
Yen pairs are suffering early in the US session. They've been suffering all day but we're seeing that pick up just now.
JPY pairs
These moves stick out like a sore thumb as the other related pairs (USD, GBP, EUR, AUD, CAD etc) are hardly moving.
We can probably peg this to repatriation flows though we won't know for certain unless we hear some chatter.
US Treasuries might be having a say in USDJPY as yields sit on their lows but the lack of USD counteraction elsewhere suggests otherwise.
There's going to be a lot of risk trades shuffled around into the FOMC tomorrow so that's all in the mix too.
