There’s not much in terms of headlines driving the move but higher bond yields are certainly playing a part I would say. 10-year Treasury yields are still up 5 bps to 4.301% and that is underpinning yen pairs so far on the session. The near-term chart for USD/JPY is also seeing buyers seize back control now:
The pair bounced around its key hourly moving averages at the end of last week, with buyers holding a defense at the 145.00 mark as well. They are now regaining some momentum on a push back above the 100-hour moving average (red line), switching the near-term bias to being more bullish again.
But as is the case on Friday, any further break higher in the pair would also need approval from the bond market. For now, yields are threatening a break but we’re not there yet.
This article was written by Justin Low at www.forexlive.com.
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