<p style=““ class=“text-align-justify“>There isn’t much in terms of headlines driving the move but perhaps the bond market is one that is worth paying attention to with 10-year Treasury yields now up 3.8 bps to 3.431%, sitting at the highs for the day. That is underpinning yen pairs at the moment, with USD/JPY in particular moving back up to retest its 200-hour moving average (blue line):</p><p style=““ class=“text-align-justify“>Other major currencies are still sitting within their earlier ranges, so this is very much just a yen move for the time being.</p><p style=““ class=“text-align-justify“>Keep below the 200-hour moving average and the near-term bias stays more neutral but push back above and buyers will capture some form of near-term control at least. That said, there are bigger resistance levels to contend with as highlighted <a target=“_blank“ href=“https://www.forexlive.com/news/dollar-holds-more-mixed-so-far-in-european-trading-20230120/“ target=“_blank“ rel=“follow“>here</a>.</p><p style=““ class=“text-align-justify“>The post-BOJ volatility is still something that traders are dealing with and we have BOJ governor Kuroda (alongside ECB president Lagarde) speaking in a panel at Davos coming up.</p>

This article was written by Justin Low at www.forexlive.com.