USD/JPY: Rising US Yields Underpin USD/JPY
San Francisco, May 16.
US industrial production was better than expected at 0.7% compared to expectations of a 0.4% rise with capacity utilization still strong at 81.6%. The data has sent US bond yields higher with US ten-year yields at 4.71% currently up from lows under 4.69% this morning. The news is bolstering USD/JPY which is testing session highs at 120.71 but with heavy offers still eyed from 120.80 up to 121.00 with stops above 121.00 reported.