USD/JPY approaches 50-Day SMA with US yields on the rise
USD/JPY approaches the 50-Day SMA (132.79) as it climbs to a fresh weekly high (132.77), with the 10-Year US Treasury yield reflecting a similar development as it retraces the decline from last week.
The positive relationship between USD/JPY and US Treasury yields looks poised to persist as the correlation coefficient sits at a significant level, with the gauge current standing at +0.94.
USD/JPY Outlook
USD/JPY continues to hold above the February low (128.08) as it snaps the series of lower highs and lows from last week, with a move above the moving average bringing the 133.30 (50% Fibonacci retracement) region back on the radar.
Next area of interest comes in around 137.70 (38.2% Fibonacci retracement), which sits just below the yearly high (137.91), but the rebound from the monthly low (129.65) may unravel if USD/JPY struggles to push above the moving average.
The positive relationship between USD/JPY and US Treasury yields looks poised to persist as the correlation coefficient sits at a significant level, with the gauge current standing at +0.94.
USD/JPY Outlook
USD/JPY continues to hold above the February low (128.08) as it snaps the series of lower highs and lows from last week, with a move above the moving average bringing the 133.30 (50% Fibonacci retracement) region back on the radar.
Next area of interest comes in around 137.70 (38.2% Fibonacci retracement), which sits just below the yearly high (137.91), but the rebound from the monthly low (129.65) may unravel if USD/JPY struggles to push above the moving average.
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