USD/JPY tests session highs as Treasury yields continue to climb

US 10-year yields are up 10 basis points at 4.03%, which helped lift USD/JPY to near session highs at 147.87.

The pair had plunged immediately after the PCE report and the third quarter employment cost index. These numbers were generally in line with estimates, but helped calm concerns about runaway inflation and left room for a Fed pivot.

Now, however, there is the possibility of an intraday double top.

USDJPY 15 minutes

The next driver of the market will be equities. Remarkably, S&P 500 futures are down just 5 points despite falling 13% before Amazon’s launch.


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