USD/JPY hits fresh seven-month highs ahead of US-China trade deal signing this week
USD/JPY rises to a high of 109.87, the highest level since 30 May 2019
The move higher comes as bonds also see some outflows, as yields push to session highs on the day as well. USD/JPY is now challenging a key break above resistance around 109.70 with further resistance seen closer towards the 110.00 level now.
The 30 May 2019 high sits at 109.93.
Treasury yields are also creeping higher with 10-year yields now up 2.8 bps to 1.847% and the movement is also reverberating towards commodities as gold is weighed down by ~1%.
The main focus this week is on the US-China trade deal signing and it looks like investors are continuing to maintain a relatively good mood ahead of the event on 15 January.