USDJPY soars to nine-month highs

26/03/2021

US yields are on the rise again, which supported the USDJPY pair, and it advanced half a percent on Friday, soaring to 109.80, last seen in June 2020.

It looks like the greenback will continue higher against the yen, with the next resistance at 109.85. Afterward, the key psychological level of 110 could be tested. 

Breaking above 110 might be a strong bullish signal, most likely sending the greenback to March 2020 highs near 111.50.

The intraday support now stands at previous highs of 109.30, and if not held, the immediate trend could turn bearish, targeting the short-term uptrend line at 108.60.

This week's Fed speakers sounded not so dovish enough, and therefore US yields continued higher, which strengthened the USD across the board. 
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