Forex News June 1, 2022

USD/JPY

  • The pair is up by over 220 pips in trading this week after hitting highs of just above 131.00 at the end of April and early May, the pair has fallen back as bond yields have retreated in the last three weeks.
  • It was a much-needed reprieve following the pair’s relentless push from 116.00 to 130.00. However, as bond yields rise this week amid a renewed focus on inflation, the USD/JPY is rising as well.
  • The pair did test support near 126.94-02 last week, but buyers have stepped in strongly in recent sessions to validate the dip buying near the 127.00 level.
  • From a technical standpoint, there is little chance of the pair returning to 130.00;
  • the bond market continues to hold the cards here, so be wary of movement in that space. For the time being, Treasury yields are rising, with 10-year yields rising 2.5 basis points to 2.87 percent on the day.

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