The 270 point rally in the Dow has helped to drive many of the Japanese Yen crosses higher.
The best performer was USD/JPY which is back above 105. Given the strength of today’s rally in the US equities, we will probably see continuation. We expect the Dow to rebound back up 11,400, which would be bullish for USD/JPY. The tertiary index was weaker than expected, which has weighed on the Yen.