Stocks opening lower
The USDJPY is trading higher on the day, and testing the June highs at 110.89 and 110.937 respectively, despite the lower US stock opening.
The price action for the day has been up and down. The run to the highs did extend above those June highs on the way to a high for the day at 111.06. That failed as stocks came under pressure.
Nevertheless, the lows today on the hourly chart stalled at a lower trend line - twice. That trend line currently cuts across at 110.70. A move below would open the pair for more downside potential.
Stocks are lower with the S&P down -14.5 points or -0.53%. The Nasdaq is down -36 points or -0.48%. The Dow is down -161 points or -0.68%
US yields are modestly lower:
- 2 year is unchanged now
- 5 year is down -1.1 bps
- 10 year is down -1.6 bps
- 30 year is down -1.1 bps
The 2-10 narrowed by 10 bps in June. It is keeping that trend going on the first day of the calendar month.