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May 16 - 11:00 AM
USD/JPY: Looks Overbought; Rally Needs Further Support From UST Yields - Danske
First appeared on eFXplus on May 16 - 09:20 AM

Danske Research discusses USD/JPY outlook and thinks that the cross needs further support from UST yields as it looks technically overbought around current levels.

"USD/JPY remains highly correlation with the 10Y US treasury yield and higher US yields was the main driver behind the break of 110 and the 200-day moving average of 110.17 yesterday.

The cross looks increasingly overbought technically, and we reckon that a further rally in USD/JPY requires that the sell-off momentum in the US fixed income market is sustained," Danske argues. 

Source:
Danske Research/Market Commentary

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