USD/JPY moves to a session high of 108.76
The move higher comes as Treasury yields also jump higher with 10-year yields touching 1.81% after having been as low as 1.70% during the height of US-Iran tensions earlier today.
As for USD/JPY, the pair is now up by over 100 pips from its low today as price now climbs back above the 200-day MA (blue line) @ 108.62 and is also tracking above its 200-hour moving average @ 108.67. That puts buyers in a good spot from a technical perspective.
All that said, we are still waiting on US president Trump's response as he is set to make a statement later in the US morning. By the lack of urgency, markets are seemingly getting more comfortable that there won't be a major retaliation in response.
Let's see what the man has to offer later in the day. Again, just a reminder:
"The United States just spent Two Trillion Dollars on Military Equipment. We are the biggest and by far the BEST in the World! If Iran attacks an American Base, or any American, we will be sending some of that brand new beautiful equipment their way...and without hesitation!"
