USDJPY races above targets. Eyes channel trend line and 38.2% retracement targets now. | Forexlive

The USDDJPY has raced higher helped by risk-on sentiment and higher US rates.

Looking at US yields: hash Hash

• 2-year yield 4.028%, +8.0 basis points.
• 5-year yield 4.089%, 8.2 basis points
• 10 year yield 4.325%, +7.3 basis points
• 30 year yield 4.648%, +5.1 basis points

Technically, the price of the USDJPY moved above its natural resistance at 150.00, it’s 200 bar moving average on 4-chart at 150.06 and a swing area between 150.11 and 150.288. Buyers rushed in and have pushed higher with the price currently trading at 150.71.

The next key target comes against a top-side channel trendline near 151.03. Above that is the 38.2% retracement of the move down from the January high. That level comes in at 151.249. The high price from March reached just above that level at 151.298 increasing that areas importance.

The USDJPY is up 137 pips or 0.93%. It is by far the biggest mover of the major currencies versus the US dollar. The next largest move is the USDCAD which is down -0.40%