USD/JPY tried the upside
USD/JPY is now narrowly lower on the day at 112.28 after hitting as high as 112.93.
A big story in the market is the roar of the yen crosses. You've got breakouts in CAD/JPY, EUR/JPY, GBP/JPY but USD/JPY is a passenger.
Earlier today it looked to be breaking about the downtrend that's been in place since January but it was a short-lived break. The weakness in stocks is weighing but I'm not sure that's the right take. Higher yields are the bigger underlying driver and it's definitely not time to hit the panic button because of a bit of month-end stock market selling.
Ultimately, I think all the yen crosses are poised to climb more but this could be a sign of a pause and consolidation before the next leg. Watch the close to see how that doji reversal shakes out.