The USDJPY is stretching to new session highs and in the process is working toward the May 2 high of 137.767. Above that level and the high price from March 8 would be targeted at 137.91. That is the high price for the year. The high price today reached 137.566 - so far.
Earlier today, the price moved above its 200-day moving average of 137.065 and also above a swing area between 136.91 and 137.095. (see earlier video below). The price is moving further away from that moving average level. There is also a swing area down to 136.912. Stay above the 200-day MA and low of the swing area, and the buyers are holding more control.
Helping the move to the upside is the rise in US yields. The two-year trades at 4.143% that's up 6.7 basis points. The high yield just reached 4.154%. That's the highest level since May 2. The 200-day moving average comes in at 4.175%. The 100-day moving average is at 4.246%. The price has not traded above its 100-day moving average since March 13. The yield today has moved above the 38.2% retracement of 4.139%.
The 10-year yield is trading at 3.564% up 1.5 basis points. It's 100 hour moving averages at 3.594% and its 200 hour moving averages at 3.605%. Those remain key targets on the topside.
