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CROSS ASSET: Longer End US Yields are pushing higher

CROSS ASSET
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  • USDJPY is still pushing lower despite the move higher in US Yields, this is more of a pure FX move, with broader USD selling interest so far today.
  • Next support is seen much further out, down to 156.05 (20 day EMA).
  • While the US 10yr Yield is doing very little so far today, focus remain on the longer end 30yr after it tested its highest level since November 2023 Yesterday.
  • Immediate support is WNA is at 117.16, which is testing now at the time of typing.
  • Worth a reminder regarding the 10yr Yield, Yesterday saw one of the First HUGE outright Option targeting 5%.
  • TYH5 106 put was bought for 14 Yesterday in 100k, and the 106.00 level in future equates circa 5% in Yield terms.
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  • USDJPY is still pushing lower despite the move higher in US Yields, this is more of a pure FX move, with broader USD selling interest so far today.
  • Next support is seen much further out, down to 156.05 (20 day EMA).
  • While the US 10yr Yield is doing very little so far today, focus remain on the longer end 30yr after it tested its highest level since November 2023 Yesterday.
  • Immediate support is WNA is at 117.16, which is testing now at the time of typing.
  • Worth a reminder regarding the 10yr Yield, Yesterday saw one of the First HUGE outright Option targeting 5%.
  • TYH5 106 put was bought for 14 Yesterday in 100k, and the 106.00 level in future equates circa 5% in Yield terms.