USD/JPY flirts with a push above the 110.00 level to start the day
10-year Treasury yields pushed up to back above 1.30% yesterday and is keeping steadier so far on the day around 1.344% to start European morning trade.
That is providing a further boost to USD/JPY at the moment, with the pair climbing above 110.00 to the highs for the day around 110.15.
The dollar keeping relatively steady across the board is also helping in that regard.
Near-term price action shows that buyers are in control and holding above 110.00 validates any potential for a push higher so long as yields are also supportive.
That said, there will be a couple of key resistance points that buyers will have to work through in order to try and break away from the range since July.
The 110.50 level is one to watch before daily resistance around 110.70-80 next.
All things considered, buyers arguably will need to push past 111.00 to sustain any potential for a further upside leg. Otherwise, gains are likely to stay limited for the time being until the bond market also decides to move more significantly.
Leave a Reply