USD/JPY nears late-June high as Treasury yields jump

Technical Analysis

USD/JPY approaches resistance

The US dollar is rallying after the strong jobs number. USD/JPY is pressing up against the late-June high and could run stops on a break above 108.53.

Cable also just hit a fresh low at 1.2501, breaking the June low.

Here’s a chart of the US 2-year yield and it looks like it’s formed a base and is trying to reverse. However the big line ins the sand is at 1.94% and it’s going to need some hawkish commentary (or less dovish) from Powell or other Fed officials next week to get there.

US 2s

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