USD/JPY correlation with US yields persists after Fed meeting
USD/JPY registers a fresh monthly low (130.42) following the Federal Reserve interest rate decision, with US Treasury yields reflecting a similar behavior as the 10-Year yield gives back the rebound from the yearly low (3.29%).
In turn, the correlation coefficient now stands at +0.95 and the indicator may continue to reflect a significant relationship as market participants prepare for a change in regime.
USD/JPY Outlook
USD/JPY initiates a series of lower highs and lows as it fails to hold above the 50-Day SMA (132.55).
A move below the psychologically important 130.00 handle may push USD/JPY towards 128.90 (61.8% Fibonacci retracement), with a break below the February low (128.08) bringing the January low (127.23) on the radar.
However, USD/JPY may track the flattening slope in the moving average if it holds above the February low (128.08), with a move above the indicator opening up the 133.30 (50% Fibonacci retracement) area.
In turn, the correlation coefficient now stands at +0.95 and the indicator may continue to reflect a significant relationship as market participants prepare for a change in regime.
USD/JPY Outlook
USD/JPY initiates a series of lower highs and lows as it fails to hold above the 50-Day SMA (132.55).
A move below the psychologically important 130.00 handle may push USD/JPY towards 128.90 (61.8% Fibonacci retracement), with a break below the February low (128.08) bringing the January low (127.23) on the radar.
However, USD/JPY may track the flattening slope in the moving average if it holds above the February low (128.08), with a move above the indicator opening up the 133.30 (50% Fibonacci retracement) area.
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