#USDJPY could be about to break 115.00 as the US10YR Bonds rally. Could this offer us a long opportunity?
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Will USDJPY Break 115.00?
The price of USDJPY has rallied significantly today as US10YR Bond Yields rallied. As we can see from the chart above the two charts correlate with each other very well and one often leads the other. In this case the rising bond yields will help drive USDJPY prices higher. The weekly chart of USDJPY shows the price in a strong upward trend. If the price trades above 115.00 we could see a continuation of the bullish trend.
Trading Time Frame
The 4hr time frame is agreeing with the bullish trend with the price forming higher highs and higher lows. If the price is going to be impulsive on the weekly, the 4hr should form higher highs and higher lows. The previous 4hr highs around 114.36 could act as support for long opportunities.
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