USD/JPY drops below 103.50

The yen held onto broad gains early on Tuesday, having staged a solid rally against sterling, the U.S. dollar and euro following a selloff on Wall Street and a further drop in Treasury yields.

Investors were forced to unwind stretched short positions in the Japanese currency in the wake of the poor U.S. jobs numbers and as U.S. stocks posted the biggest one-day fall in more than two months.

Sterling bought 168.86 yen, having skidded 1.7 percent, while the U.S. dollar traded at 103.03 yen following a 1.1 percent drop. The euro fetched 140.80 yen after suffering a 0.9 percent slide.

CNBC

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