USD/JPY continues climb, touches highest levels since January

Technical Analysis

Author: Justin Low | usdjpy

US yields may have stagnated, but USD/JPY bulls are marching forward


US 10-year yields are stalling around 3.11% currently, but that's not stopping USD/JPY from inching higher. The pair is now at session highs of 110.73 on the day. The next key resistance level to look out for is the November low @ 110.84.

That also coincides with the 61.8 retracement @ 110.85 if you draw the Fib from the swing from the November high to March 2018 low. Beyond which, the next key level to eye will be the 38.2 retracement level shown above near 112.00.

Yields or no yields, the break of the 200-day MA (blue line) is giving buyers a fresh bullish bias to ride on and we're seeing that momentum carry on today.

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