USD/JPY reaches a 20-year high and breaks 127.00 on high US yields By christianborjon USDJPY Majors Macroeconomics Technical Analysis
Geopolitical issues and surging energy prices weighed on the JPY.USD/JPY Price Forecast: The speed of the rise keeps the USD/JPY subject to a mean reversion move.prolonged its gains to four consecutive trading days and printed a 20-year high above the 127.00 mark, amidst the escalation of the Ukraine-Russia war and the lack of cease talks, which paints a picture of no truce in the near-term. At the time of writing, the USD/JPY is trading at 127.07, reaching a 20-year high.
In the meantime, Fed speaking continued ahead of April 23, when the Fed will enter its blackout period for the May 4-5 meeting. On Monday, St. Louis Fed President James Bullard said that inflation is “far too high” while repeating its case of hiking rates to 3.5% by the end 0f 2022. Bullard added that the Unemployment Rate can continue to fall even with aggressive rate hikes, repeating his view that now at 3.6%, unemployment will go below 3% this year.
The speed of the rise of the USD/JPY from 114.00 to 126.99 would keep the pair susceptible to a mean reversion move. However, the US 10-year Treasury yield surge maintains the USD/JPY under buying pressure. The Relative Strength Index at 83.68 reflects the aforementioned, and a negative divergence between the price action and the RSI in the dailyhas formed. However, the slope of the RSI is nearly horizontal and appears to confirm a consolidation in the USD/JPY.
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