- USD/JPY is on the front side of the bullish trend and testing key resistance.
- Bulls eye a break of 135.11 while bears eye 132.80.
USD/JPY rallied by 0.5% on the day and traveled between a low of 133.95 and a high of 135.13. The US Dollar strengthened on Wednesday, lifted by rising Treasury yields with the yield on two-year Treasury notes, which are sensitive to expectations for the US central bank’s monetary policy, added hit a one-month high of 4.286%. This is seeing USD/JPY rally towards 135.11 on the front side of the bullish trend as the following illustrates:
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The market has been carving out a bullish bias for the best part of April so far and a break of the 135.11s opens risk to the 137s.
USD/JPY H4 chart
A break below 134.28 and 133.83 opens the risk thereafter towards the 133.20s.
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