USD/JPY jumps after initial jobless claims; US 10-year yields back above 4%

The US dollar has extended further following the initial jobless claims report. The big winner is USD/JPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term, which is now nearly 150 pips higher as yields rise.

US 10-year yields are up 4 basis points and trading just above 4% after falling as low as 3.67% on Monday.

Yesterday, the Bank of Japan retreated from a hawkish stance in light of a rout in Japanese equity markets and a surge in the yen. With the reversal, the yen is back under pressure and US trader may try to break the top of the range at 147.95.