USD/JPY lifts to session highs as US yields rise again

The USD/JPY just now lifted above the earlier Asian high, at 155.14. The break above that level has delivered some acceleration and seen the dollar reach a new session high so far at 155.36. The move higher in the USD/JPY has also delivered gains across the major Yen pairings, such as the GBP/JPY and the EUR/JPY. The reason behind this is once again due to a further rebound in US treasury yields. The 10 year note is now nudging 4.48% and that has helped to push the Japanese currency lower. The other reason for this further Yen weakness is due to comments from the BOJ, endorsing the lack of urgency regarding further interest rate increases. The move higher in the USD/JPY now today has further underpinned the prospect; that the dollar has now set in place an interim double bottom on the daily charts underneath 154. However, that will only be ultimately confirmed once and if the dollar rises back above 156.75. The USD/JPY has just edged off the highs, currently trading at 155.19