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Dollar Yen Strengthening Move Marks Turning Point for Dollar Yield Upside
The yen rallied the most since March of 2023./nThe current yen strengthening move may have marked a turning point for dollar yen upside./nThe market reaction to US labor data resulted in mixed market sentiment./nThe yen experienced a market technical move triggered by certain price levels./nThere was a sudden and serious volatility spike in two-year US treasury yields./nThe directional correlation between two-year US treasury yields and dollar yen broke after the volatility spike./nThe positioning in yen futures and options on yen futures played a significant role in the price action./nThe last trade date for monthly options on yen futures coincided with the market events./nThere was a massive volume spike of around $600 billion in yen futures upon the data release.