U.S TREASURY YIELDS HELPS LIFT USDJPY
The USDJPY pair has finally moved higher, moving away from depressed Asian session trading ranges, to a current intraday high of 111.70.
The move higher came, the U.S dollar index benefited from rising U.S Treasury yields, with the 10-year U.S Treasury note, in particular, moving sharply higher, yielding above 2.16%.
The pair has now turned bullish on M5 through to H4 time frames, with the daily time frame 100 period moving average now acting as support at 111.51.
To the upside, the May 25th price high is the next major technical hurdle for the pair, at 111.95. Above 111.95, the 200 day moving average at 112.37, is now major resistance for the USDJPY pair.
To the downside, a technical daily close above the daily time frame 100 period moving average, at 111.51 should be watched closely.
The USDJPY has failed to consecutively close above the 100 day moving average for last thirty trading days.