USDJPY moves to new highs helped by rise in yields

Technical Analysis

Author: Greg Michalowski | usdjpy

10 year moves up to 1.340%

The USDJPY as risen to new highs help by a rising yields. The tenure yield has moved up to 1.34%. That's the highest level since August 13.  

10 year moves up to 1.340%

Looking at the USDJPY, the price has moved above the swing area between 110.02 and 110.06 and a downward sloping trendline connecting highs from August 19 and August 23 on the hourly chart below. The swing high from Monday (and for the week) reached 110.149. The high from last week reached 110.222. Those are the next upside targets. 

EURUSD on the hourly chart
On the downside, the low of the swing area at 110.02 (call it 110.00) is close support followed by the 50% midpoint at 109.95.  A move below those levels would disappoint the buyers at least in the short term.  

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