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USDJPY overview 08.04.2021

USDJPY falls as U.S. yields fall.

USDJPY falling today under the effect of the moderate U.S. dollar bearishness as well as the strong yen bullishness. Both of these sentiments are the result of the falling U.S. yields after minutes of the Federal Reserve’s March policy meeting offered no new clues to direct market direction. Fed officials remained cautious about the risks of the pandemic – even as the U.S. recovery accelerated due to the massive stimulus – and committed to continuing monetary policy support until the economic recovery was more secure, the minutes showed Wednesday. In response – the benchmark 10-year Treasury yield was around 1.658% on Thursday, after falling below 1.63% overnight. It hit its highest in more than a year at 1.776% last month. Falling U.S. yields are leading to dollar losses and yen gains – which has been traditionally highly correlated to changes in U.S. yields.

Expect sellers on downward corrections.

Next support to watch – 108.43

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