Meanwhile, 10-year yields are also seen up over 1 bps to 3.533% near its highest level in two weeks. Of note, the 200-day moving average is seen at 3.533% for 10-year yields in the US so that is a key level to watch. So far, the key threshold of around 3.30% is being held and that has resulted in a rebound in USD/JPY to 134.00 today as well.
The pair hit a high of 134.20 earlier, which is its highest level in a month. As rates start to nudge a little higher, it coincides with markets being less dovish on the Fed as well. Here's a look at the change in Fed funds futures from Thursday to today:
