USD/JPY continues to move higher as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed above the 4.13% level, while the yield of 10-year Treasuries settled near 4.55%.
It should be noted that traders remain cautious as the Bank of Japan may intervene to provide support to the yen. In case USD/JPY settles above the 160.50 level, it will move towards the resistance level, which is located in the 161.50 – 162.00 range. RSI is close to the overbought territory, but there is enough room to gain momentum in the near term.
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