#USDJPY @ 134.004 : Break below 134.50 unlocks additional downside potential – ING
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USD/JPY has broken below 135.00. A dip under the 134.50 mark is set to trigger another leg lower, economists at ING report.
“The main risk for USD/JPY is that UST 10Y yields fail to find extra support at 3.50%: a further bond rally could force a break below the 134.50 200-Day Moving Average and unlock additional downside potential for USD/JPY.”
“Still, markets may struggle to live with sub-3.50% rates for long in the current environment.”
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