February 2, 2023

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USD/JPY contests 109.00 level again as dollar keeps steadier on the session

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USD/JPY bolstered by higher Treasury yields

USD/JPY D1 29-04
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After stumbling yesterday, the dollar is holding its own for the most part in European morning trade as it is also somewhat comforted by higher Treasury yields today.

10-year yields are up over 4 bps to 1.652% currently and that is pushing USD/JPY back up to test the 109.00 handle and near the highs seen yesterday.

EUR/USD is also trading closer to the lows for the day around 1.2120 while AUD/USD is seen down 0.2% to 0.7775 after treading water just above 0.7800 earlier in the day.

Going back to USD/JPY, holding a break above 109.00 would be a good foundation for buyers to build on but there is resistance nearby from the 50.0 retracement level of the April downswing seen @ 109.22 next.

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