USDJPY surges on improvement in sentiment.
USDJPY continues to rise strongly as the result of the continued US dollar bullishness and the widespread yen outflows. The dollar gains/yen losses are due to the more orderly rise in U.S. Treasury yields seen lately. The traders are also waiting for the speech by Federal Reserve Chairman Jerome Powell later today that may determine the trend for global bond markets and currencies. Comments that Powell is monitoring events in the Treasury market should be enough to calm things further down – the dollar may further extend gains versus the yen as long as Treasury yields rise at a measured pace. The latest breakout of the key resistance level also 107.00 activated the technical buying which is also underpinning this currency pair.
Expect buyers on upward corrections.
Next resistance to watch – 107.56
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