US bond bloodbath powers USD/JPY above key level
Higher US Treasury yields has propelled USD/JPY through the 200DMA and 151.95, the latter an important technical level corresponding with prior episodes of Bank of Japan intervention.
If it manages to hold above 151.95, traders could consider buying the break with a tight stop either below it or the 200DMA for protection. There's little visible resistance evident until above 155, and even then it's minor. 155.40 is one potential target.
Given yield differentials between the US and Japan, you could argue USD/JPY should be higher based on where it traded earlier this year when spreads sat at similar levels.
If it manages to hold above 151.95, traders could consider buying the break with a tight stop either below it or the 200DMA for protection. There's little visible resistance evident until above 155, and even then it's minor. 155.40 is one potential target.
Given yield differentials between the US and Japan, you could argue USD/JPY should be higher based on where it traded earlier this year when spreads sat at similar levels.
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