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USD/JPY: Underpinned by covering on crosses and rising US yields

  • Significant optionality reported near 98.50 which should prove magnetic but will also be tough to break through.
  • Rising US yields will be encouraging the dip-buyers to return to USD/JPY.
  • Certain crosses like AUD/JPY have made significant technically bullish moves in last 24 hours.
  • But, prime brokers still reporting sell-rally interest in pairs like GBP/JPY.

Looks like we should get some range trading here, broadly between 97.80/98.60 I’d suggest.

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