Created
: 2023.03.17
2023.03.17 22:39
The USD/JPY dropped further as Treasury Bond printed fresh highs, falling to as low as 131.99. The 132.00 area is a critical support for the US Dollar.
US yields are falling on Friday. The US 10-year yield dropped to 3.45% while the 2-year yield stands at 4.06%, down 2.40%, for the day. The decline in yields takes place as US stocks opened lower as markets remain anxious.
Data released in the US showed Industrial Production rose 0% in February against expectations of a 0.2% increase. January's numbers were revised higher from 0% to 0.3%. Capacity Utilization remains at 78%. Later on Friday, the University of Michigan will release its Consumer Sentiment report.
Lower yields and a decline in stocks in boosting the Japanese Yen across the board. USD/JPY lost more than a hundred pips during the last three hours. The pair fell from above 133.00 to 131.99.
As of writing, USD/JPY trades at 132.30, under pressure and looking at the 132.00 mark. A consolidation below would point to further weakness. The next strong barrier is seen at 130.60.
Created
: 2023.03.17
Last updated
: 2023.03.17
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