USDJPY surges on rising Treasury yields.
USDJPY rose to a one-year high today under the effect of the strong dollar bullishness as accelerating U.S. vaccinations and plans for a large stimulus package strengthened inflation expectations and raised Treasury yields. Ten-year U.S. Treasury yields rose to 14-month highs on Tuesday. The yen is falling because it is highly correlated to higher inflation expectations in the United States and a rise in long-term U.S. yields. In addition to this, the end of Japan’s fiscal year this month also is driving up dollar demand as companies square their books. The dollar gained earlier on safe-haven inflows as investors reacted to the collapse of highly leveraged investment fund Archegos Capital.
Expect buyers on downward corrections.
Next resistance to watch – 110.76
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