Yields breaking out, can the USDJPY follow?
The USDJPY looks poised to break higher as the pair cleared a downtrend line from the June 2021 highs. The USDJPY looks to be tracking 10yr yields higher. However, with the pair quickly approaching the 61.8% retracement at the 110.50 level and horizontal resistance that has capped the pair since August, I may sit this one out. Good luck to those who think we are heading back to the 111.60 level.
