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USD/JPY retreats from session highs, focus is on the 10-year treasury yield

  • USD/JPY has pulled back more than 20 pips from the session high of 109.77, possibly tracking the moderate losses in the 10-year treasury yield.
  • The 20-day correlation between the USD/JPY pair and the 10-year treasury yield is strongest since September 2017.

The USD/JPY pair is currently trading at 108.56, having clocked a high of 108.77 earlier today.

Notably, the pair has pulled back from the session highs, despite the positive action in the US stock index futures. As of writing, the S&P 500 futures are currently reporting a 6 point or 0.25 percent gain.

USD/JPY's inability to retain the bid tone amid risk-on in the equities could be associated with the moderate losses in the US 10-year treasury yield. The benchmark yield printed a low of 2.68 percent soon before press time - down two basis points from the overnight high of 2.7 percent.

It is worth noting that the 20-day correlation coefficient between the USD/JPY pair and the 10-year treasury yield currently stands at 0.96 - the highest level since September 2017.

The focus, therefore, is on the treasury yields.

USD/JPY Technical Levels

USD/JPY

Overview:
    Today Last Price: 108.6
    Today Daily change: -11 pips
    Today Daily change %: -0.101%
    Today Daily Open: 108.71
Trends:
    Previous Daily SMA20: 111.01
    Previous Daily SMA50: 112.36
    Previous Daily SMA100: 112.27
    Previous Daily SMA200: 111.11
Levels:
    Previous Daily High: 108.75
    Previous Daily Low: 108.02
    Previous Weekly High: 110.48
    Previous Weekly Low: 104.75
    Previous Monthly High: 113.83
    Previous Monthly Low: 109.55
    Previous Daily Fibonacci 38.2%: 108.47
    Previous Daily Fibonacci 61.8%: 108.3
    Previous Daily Pivot Point S1: 108.24
    Previous Daily Pivot Point S2: 107.76
    Previous Daily Pivot Point S3: 107.51
    Previous Daily Pivot Point R1: 108.97
    Previous Daily Pivot Point R2: 109.22
    Previous Daily Pivot Point R3: 109.7

 

 

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