USD/JPY resumes higher as bond selling resumes


USD/JPY is trading over 90 pips on the day, currently holding near 122.60 as we start trading in Q2.

With the end of the month, the end of the quarter, and more specifically the end of the Japanese fiscal year, traders may feel more comfortable getting back into the water. It’s still early days and at the moment the 100-hour moving average (red line) at 122.62 also offers some near-term resistance to today’s upside move.

But the jump here coincides with a resumption of bond selling with 2-year Treasury yields rising more than 5 basis points to 2.38% and 10-year yields also up around 5 basis points. basis at 2.39% on the day.

US2Y

Coming back to USD/JPY, I remain in the wider range for the pair, around 120.00-125.00 for now. This will define the most trending move for the pair, so price action between the two may not offer too much although buyers will remain poised to hold above 120.00 overall.


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