USDJPY moves to new highs

The USDJPY has moved to a new session/week/6 year high as Fed's Waller expresses the need to go 50 bps, joining Fed's Bullard. He also sees rates near or above neutral by the end of the year.

The high from earlier this week reached 119.116. The high price just reached 119.246.

Yesterday, the price had a lower high for the first time in 7 trading days, and the pair temporarily moved below the high from Tuesday and early Wednesday near 118.44, but could not sustain downside momentum. The low today in the early Asian session stalled just ahead of that level at 118.466. The price also remains above the rising 100 hour MA at 118.42.

Looking at the weekly chart, the price moved above the end of 2016/early 2017 highs between 118.60 to 118.65 this week. That took the price to the highest level since the end of January in 2016 (6+ years).

USDJPY moves above end of 2016/early 2017 highs

The 2 year yield is at 1.950%. It is up from 1.903% at the start of the NY session. The 2-10 year spread is around 21 basis points.