USD/JPY rises to a session high of 106.43
The move higher comes amid an extra bid in the pound and I would argue that GBP/JPY is leading the move here. Of note, USD/JPY is now moving back up towards a potential test of the 38.2 retracement level @ 106.68, which stalled the secondary spike yesterday.
The risk mood continues to be more buoyant with Treasury yields trading near the highs for the day currently. 30-year yields are up by more than 4 bps to 2.017% now.
Back to the pound, cable is moving up to test yesterday’s high near 1.2150 so that will act as minor resistance in holding the pound from a further breakout, for now at least.