Forex Analysis by David Scutt covering: US Dollar Japanese Yen, United States 5-Year, United States 10-Year. Read David Scutt's latest article on Investing.com
Strong core CPI could lift yields, boosting USD/JPYis doing battle with the 200-day moving average on the daily charts, bolstered by a technical breakout and reversal higher in US bond yields. WithTreasury futures warning of a potential bearish reversal ahead of the US inflation report due later Wednesday, leading to higher US yields, a break above this key moving average could see a quick return to highs struck around the US presidential election.
A sustained break above the 200DMA would bring a retest of 153.38 into play, a level that acted as both support and resistance during November. Above, there’s not a lot to speak of until 155.89 and 156.75. If the price were unable to break the 200DMA, shorts could be initiated beneath with a stop above for protection. Potential targets include former triangle support located around 150.25 today or even 148.65.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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