Home›Forex›Major Pairs›USDJPY hits highest level in nearly 40 years on rate-d…

USDJPY hits highest level in nearly 40 years on rate-driven dollar bid

Rising U.S. Treasury yields, with the 10-year at 4.632% and the 2-year at 4.246%, helped push USDJPY above 162.833 toward 162.89.

Reported · Written up by our desk · Major Pairs

USDJPY extended its rally, pushing the pair to its highest level in nearly 40 years amid continued demand for the U.S. dollar, according to Forexlive.

The move was supported by higher U.S. Treasury yields, with the benchmark 10-year yield rising 3.4 basis points to 4.632% and the 2-year yield climbing 3.2 basis points to 4.246%, widening the interest rate advantage for USD.

Technically, USDJPY broke above the July 1 high at 162.833 and reached a session high of 162.89, after buyers defended a prior swing area between 162.399 and 162.508 during the Asian session.

Forexlive also noted that meaningful chart resistance appears limited until the November 1986 highs near 164.50, while traders will watch for potential intervention rhetoric from Japanese officials as the pair trades at multi-decade levels.

More like this

Sources