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USD / JPY pares gains as Treasury yields relax on this day

USD / JPY drops from 114.20 to 113.91 low

The drop comes as Treasury yields relax after rising slightly earlier, with 10-year yields falling to 1.57% from around 1.60% at the start of the session. 2-year yields also fell to 0.46% after hovering around 0.47% to 0.48% earlier.

The bond market is still struggling to figure it out after the Fed, but any push and pull will have big reverberations for the yen pairs, so keep an eye out for that.

USD / JPY narrowed its lead on the day, but buyers are still trying to maintain a more short term bullish bias above the major hourly moving averages @ 113.88-98.

That said, any significant rise remains to be done as resistance around 114.45-70 from recent highs is also helping to limit gains from a technical perspective.

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