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USD/JPY backs away from a new 2024 high

The positive momentum seen in USD/JPY on Friday was carried over at the start of the Asian session today and that saw the dollar rise further after posting a close on Friday at 148.38. The high seen was set at 148.82, which was also a new 2024 high for the USD/JPY. Despite US yields remaining elevated, the dollar has backed off quite steeply from that high, on what was likely profit-taking on dollar longs. The low seen so far since that relapse took place has been set at 148.27. It is currently trying to redound again, trading just now at 148.37

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