USD/JPY reaches a 20-year high around 128.90s as the bull’s eye 130.00

down. At the time of writing, the USD/JPY is trading at 128.71.Geopolitical issues like Ukraine-Russo tussles keep weighing on market mood. Peace talks between both parties are on hold as the Russian Foreign Minister Lavrov said that another stage of the operation is beginning. Meanwhile, Fed speaking maintains the US dollar buoyant. On Monday, St.

The market reacted to the headlines, pushing the US 10-year Treasury yield upwards. The 10-year benchmark note sits at 2.917%, up six basis points at the time of writing, while theIt’s worth noting that the 10-year Real yield reached -0.04% during the day, its highest level since pre-pandemic levels, and is poised to move into positive territory.

Aside from this, the USD/JPY is underpinned by US Treasury yields. Also, the central bank divergence between the ultra-loose accommodative policy of the Bank of Japan , contrarily to the Fed, weakens the JPY. Efforts of verbal intervention by the Minister of Finance Suzuki and BoJ Governorwere mainly ignored by market players, as the USD/JPY rose almost 200-pips throughout the trading session.

Data-wise, the Japanese docket revealed Industrial Production data, which came better than expected, though it failed to give a fresh impetus to the yen. Meanwhile, housingUSD/JPY Price Forecast: Technical outlook

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