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USD/JPY resists gravitational pull from US yields



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June 18 (Reuters) -USD/JPY traded modestly firmer during Tuesday’s session but stopped short of hitting its post-BoJ high at 158.26, with mixed signals emerging from U.S. data and risk sentiment.

Despite softer than expected U.S. retail sales data prompting a pullback through 158, dips remain shallow in the pair. This will likely persist as long as U.S. stocks continue to print fresh record highs.

As a result of the drift higher in stocks, USD/JPY has resisted the gravitational pull from U.S. yields, which is somewhat of a concern for the dollar. For USD/JPY, the direction of Treasury yields likely suggests that upside in the pair may be harder to come by going forward.

That said, unless equities take a turn lower with Treasury yields, the path of least resistance remains on the topside for USD/JPY, particularly as the VIX continues to bobble around the lows.

In any case, a better expression of playing yen upside is likely against the euro in the lead up to the first round of the French parliamentary elections on June 30.


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USDJPY vs spx and us 10 https://tmsnrt.rs/3KL0G9r

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)

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