If you want insight as to what direction USD/JPY may head next, there are worse indicators out there than USD/CNH right now. Because rather than the Japanese yen leading broader moves against the US dollar, evidence suggests it’s the Chinese yuan that’s the catalyst, at least in recent times. Look at the one-minute chart tracking movements in USD/CNH, shown in yellow, against USD/JPY in grey on Wednesday. Well before USD/JPY pushed through 160 during the European session, it was USD/CNH that was taking off, breaking above the 2024 highs set earlier this week. USD/JPY followed suit hours later, taking out the 34-year ... (full story)