December 4, 2022

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USD/JPY moves up to highest in over three weeks to kick start European trading

1 min read

USD/JPY moves up to 110.44, its highest since 13 August

USD/JPY D1 08-09

The pair caught a tailwind yesterday with the dollar climbing alongside Treasury yields and buyers are not letting up after a push back above the 110.00 handle for now.

The greenback is inching slightly ahead to start the session while 10-year Treasury yields are steady at around 1.37% for now, so the pair is also keeping a mild push from 110.30 to 110.44 over the past hour or so.

So, what’s next for the pair as buyers start to flex their muscles?

A lot will come down to sentiment in the bond market and in particular, whether or not we will get any upside breakout in 10-year Treasury yields above 1.38%.

That will provide the right kind of impetus for buyers to take another go at daily resistance around 110.60-70 before approaching the August high @ 110.80.

The risk to such a move is more defined closer to 110.00 with key near-term support levels via the hourly moving averages seen @ 109.95-96 currently.




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