USD/JPY turns around a decline below 105.00 to move towards 105.40 now
It is still a yields story for USD/JPY as we see Treasury yields also creep higher on the session, leading to the turnaround in yen pairs across the board.
The yen is back down to a session low as yields climb, helping to underpin USD/JPY to the highs for the day close to 105.40 currently. 10-year Treasury yields are up by over 2 bps to 0.94% after a nudge towards 0.95% moments ago.
Looking at the technical picture for USD/JPY:
The shove higher brings the focus back towards the trendline resistance from the middle of this year, seen @ 105.45 currently. That helped to limit gains yesterday and will act as a key resistance level to watch in the session ahead as well.
Further resistance is then seen closer to the 100-day MA (red line) @ 105.88.
