- USD / JPY is posting strong daily gains on Friday.
- Rising US Treasury yields boost USD / JPY.
- The US Dollar Index remains in positive territory above 92.20.
The pair USD/JPY it retained its bullish moment early in the US session and hit a fresh daily high of 109.96 before entering a consolidation phase. At time of writing, the pair was up 0.45% on the day at 109.73.
US Treasury Yields Recover Friday
Moderate USD strength and rising US Treasury yields will help USD / JPY rally ahead of the weekend. The 10-year US Treasury yield, which lost 3.7% on Thursday, is currently gaining 3% to 1.66% and the US Dollar Index (DXY) remains bullish at 92.25.
Earlier in the day, data released by the U.S. Bureau of Labor Statistics showed that the Leading Producer Price Index (PPI) rose to 3.1% in March from 2.5% in February to become higher than analysts’ estimate of 2.7%. However, the market reaction to the IPP report was largely silent.
Meanwhile, the major Wall Street indices opened near Thursday’s closing levels and appear to be struggling to make a decisive move in either direction, allowing US Treasury yields to continue to affect movements in the US. USD / JPY.
There will be no other data release included in the US economic record and USD / JPY is likely to continue to fluctuate below the key 110.00 level.
Technical levels
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