JPY is sold off broadly in early US session as 10 year yield breaches 3% level, extending recent rally. But USD continues to consolidation against most other major currencies, including EUR and GBP, AUD and CAD.
EUR/JPY defies gravity again as it surges through 133.08 to resume the rebound from 128.94. That’s mainly thanks to the selloff in JPY though. For now, further rise would be seen but as the rebound from 128.94 is seen as a corrective move, we’ll looking for topping again around 61.8% retracement of 137.49 to 128.94 at 134.22.