USD/JPY trades to six-week highs amid higher Treasury yields

Technical Analysis

Author: Justin Low | usdjpy

USD/JPY is up to just above 110.50, its highest since 12 August

USD/JPY D1 24-09
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The technical breakout in Treasury yields is breathing fresh life into yen pairs towards the end of the week, with USD/JPY getting a tailwind to push higher and now hitting its highest levels in six weeks.

The pair is up to 110.50 levels now and looks set to contest key daily resistance around 110.60-70 next and potentially eyeing the 11 August high at 110.80.

Those will be key resistance points to watch out for as the bond market starts to take the wheel and perhaps suggest at further upside for yen pairs in general.

In turn, just be wary that any major upside break above the resistance region pointed out above will likely also translate to a stronger dollar, all things being equal.

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