FXStreet (Córdoba) – The US dollar strengthened across the board and pushed USD/JPY toward 124.00 as US bond yields soar. The pair reached a fresh daily high at 123.99 and currently trades at 123.95, 60 pips above the level it had six hours ago.
USD/JPY breaks key short term levels
Today’s rally brought the price above an intraday downtrend line. The break boosted the pair that now is testing 124.00. If it rises on top, the next key area is the 124.40 handle, that capped the upside the last two weeks.
Earlier, during the Asian session USD/JPY bottomed at 123.20, the lowest since Monday, amid risk aversion after a sharp decline in the Chinese stock market. But then stabilized and after rising back above 123.40 accelerated to the upside.
(Market News Provided by FXstreet)