This builds on the earlier story here: USD/JPY retests highs for the year as dollar stands its ground
The pair now is up to a high of 149.15 as buyers seek a firm break of the January high around 148.80 on the daily chart.
Despite the push higher here, the dollar is only marginally higher against the rest of the major currencies bloc. Adding to that, 10-year Treasury yields are also just slightly higher by 1.9 bps to 4.117% on the day. So, this looks to be more of an isolated move more than anything else.
Sure, we did see some dovish commentary from the BOJ earlier here. But when you weigh that against the bank’s recent rhetoric, I don’t see it as being that much different. As of now, it is still all about the spring wage negotiations and then we’ll see how much the BOJ actually wants to change up the narrative.
In any case, we definitely can’t ignore the charts as traders. And the technical story is now suggesting that buyers are trying to push for a break. If so, the 150.00 mark will be the next critical point to watch.
This article was written by Justin Low at www.forexlive.com.
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