USD/JPY clips 135.00 again, underpinned by bond yields bounce | Forexlive

It has been a bit of a ride for yen pairs since Friday last week, as traders had to endure the excessive volatility in the bond market amid the collapse of SVB. Market sentiment is recovering since yesterday and with bond yields tracking higher again, that is helping to see USD/JPY catch a bounce as well from a low of 132.20 at the start of the week to 135.00 now.

It’s all about following the movement in the bond market, as evident by price action seen above.

The pair is now coming back up to push above its 100-hour moving average (red line) and that will see buyers start to seize back some near-term control at least.

That said, the big picture overview still shows key resistance from its 100-day moving average at 135.56 and also the 200-day moving average, seen at 137.48 currently. Those will act as important resistance levels alongside the high earlier this month around the 137.90-00 region.