The USD/JPY is trading at a new high for the day, reaching last week's high of 157.918 – the highest since July 18. of the US debt market.
US Treasury yields are also moving higher, with the 2-year yield up 2.5 basis points and the 10-year yield up 4.0 basis points.
From a technical perspective, the pair has remained comfortably above the rising 100-hourly moving average, currently at 157.054 and climbing. Last week, the price tested this moving average on Tuesday and Wednesday, but buyers entered near that level, keeping the bullish trend intact.
Last week's FOMC rate decision added further impetus to the pair, as the Fed reversed its forecast for rate cuts in the dot plot, supporting the dollar.
