Why the JPY got bid across the board? ...Middle East

That was the catalyst that reignited stagflationary fears and triggered renewed risk-off flows. Moreover, overnight we got the WSJ report saying that Trump was weighing broader and higher tariffs with potential hikes of up to 20%. This added fuel to the negative sentiment.

In the USDJPY chart below we can see how the US 10 year yield (red line) dragged the pair lower.

Better than expected news should trigger a relief rally as traders will pare back their rate cuts expectations. Conversely, bad news will likely lead to another selloff in the pair with the 140.00 handle coming into sight.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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