Yen and safe havens continue to shine
Yen still has room to run.
My chart of the day is the trio of safe havens: Gold, the yen and bonds. They're the three big movers today in a risk trade that's left stocks alone but continues nonetheless.
My focus is the April highs.
Gold is testing them at the moment (white). Bonds have broken through, both on futures prices (green) and yield, while USD/JPY (inverted, orange) still has some room to run.
The takeaway is that USD/JPY still has some catching up to do and that the target is the April low.
Here's a clearer view:
