The jump higher inside the dollar following the US jobs report on Friday was encouraging but there still must be more to be able to vindicate a get back in to the year’s highs with the greenback. For the present time, the purchase price action today shows that market players aren’t convinced and USD/JPY tipping back below 135.00 is but a testament compared to that.While buyers were able to recover well from the drop towards 130.00 the other day, the rebound here isn’t suggestive of an return towards 140.00 yet either. To the, the bond market must play ball and for the present time, that’s not quite the truth. 10-year Treasury yields are down 4 bps today to near 2.79% upon encountering resistance with the 100-day moving average:That is still a significant defining technical point with the bond market at this time. As such, that could be enough to help keep USD/JPY pinned listed below 135.00 aswell.Looking ahead this week, all of the focus will undoubtedly be on the united states CPI data on Wednesday and I reckon only until we make it happen maybe there is any real convictions for traders to firmly challenge key technical points over the charts.
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