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USD/JPY Plays Some Catch Up With Higher US Yields


USD/JPY has edged above Thursday session highs, getting close to 134.60. We sit just below this level at the time of writing. Yen is around 0.5% so far today, reversing part of the outperformance seen through yesterday's session. US yield momentum continues to point to a test higher in the pair, see below for the chart of USD/JPY versus the US-JP 10yr swap spread.

  • A reminder that Jan 6 highs at 134.77 could come in to play, which also coincides with the 100-day EMA.

Fig 1: USD/JPY Versus US-JP 10yr Swap Spread

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