Rising Treasury yields are underpinning a bounce in USD/JPY
USD/JPY bottomed at 123.86 at the start of US trading and has climbed back to 124.36. There is a bit of chatter about a more-hawkish FOMC this week. Analysts at RBS took a look at the matrix of employment indicators the Fed watches after today's JOLTS report.
"Based on the latest data available (the employment report for May and JOLTS for April), the average normalized deviation across all nine indicators versus their pre-crisis trend moved noticeably lower, dropping rom 1.54 to 1.40, implying the least amount of slack since September 2008."
Bids:
- 124.00 - building
- 123.86 - intraday low
- 123.75 - June 2 low
- 123.50 - medium-sized demand
Offers:
- 124.74/80 - intraday high
- 125.00 - sellers ahead
- 125.10 - offers
- 125.50 - medium offers
