February 9, 2023

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USD/JPY ticks to a one-week high as Treasury yields edge up

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USD/JPY hits a session high

USD/JPY hits a session high

It’s tough to find big movers in the FX market but yen crosses are making headway. USD/JPY edged above the earlier session high to a one-week high. It’s is up 37 pips to 108.44.

The latest data slate had little impact with the focus narrowing on the Fed. Some support is coming from the bond market, where US 10-year yields are up 2 bps to 1.588%. I could see a further climb in the day ahead on Fed jitters and that would keep USD/JPY bid.

Technically, there’s an ongoing turn in USD/JPY but it’s running into the early March lows, which should offer some modest resistance.

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