US 10-year yields are up 10 bps to 4.03% and that’s helped to lift USD/JPY to nearly match the session high of 147.87.

The pair had dipped in the immediate aftermath of the PCE report and Q3 employment cost index. Those numbers were generally in line with estimates but helped to cool worries about runaway inflation and leave the possibility of a Fed pivot in place.

Now, however, there’s the possiblity of an intraday double top.

The next market mover will be stocks. Remarkably, S&P 500 futures are down only 5 points despite a 13% pre-market decline in Amazon.