USD/JPY Readying to Resume the Uptrend to 2002 High?
The US Dollar has been gaining ground once more against the Japanese Yen amid a rise in Treasury yields. This has been due to a combination of confidence from the Federal Reserve about the economy, and a solid US non-farm payrolls report this week.
Next week, all eyes are on US CPI. Still-strong inflation, combined with rising crude oil prices, may keep the markets focused on a hawkish central bank. That could continue boosting bond yields, pushing USD/JPY higher.
Keep a close eye on the 130.83 - 131.34 resistance zone for now. USD/JPY was unable to breach this zone yet, opening the door for a turn lower back to support (126.36 - 126.95).
Otherwise, breaking higher would place the focus on the 2002 high at 135.16.
USDJPY
Next week, all eyes are on US CPI. Still-strong inflation, combined with rising crude oil prices, may keep the markets focused on a hawkish central bank. That could continue boosting bond yields, pushing USD/JPY higher.
Keep a close eye on the 130.83 - 131.34 resistance zone for now. USD/JPY was unable to breach this zone yet, opening the door for a turn lower back to support (126.36 - 126.95).
Otherwise, breaking higher would place the focus on the 2002 high at 135.16.
USDJPY