The USDJPY moving to a new session high and in the process is testing the next target area between 143.44 and 143.54 (see red numbered circles on the chart above).
Moving above that area, and apart from the natural resistance near 144.00, traders would look toward the 144.12 to 144.22 area. That was home to a floor area going back to the end of June and into July.
You can see my earlier video outlining the technicals for today’s trading from the start of the US session:
US yields are contributing to the move to the upside:
- 2 year yield 4.907%, +3.4 basis points
- 5 year yield 4.247% +7.0 basis points
- 10 year yield 4.053% +9.6 basis points
- 30 year yield 4.109% +9.3 basis points
The 30-year yield reached the highest level going back to November today. The 2-30 year yield spread is still -79 basis points, but off the lows at 109 basis points.
This article was written by Greg Michalowski at www.forexlive.com. Source