USD/YEN Update – 12/09/2017 (11:30am) – by Arjun Lakhanpal

USD/YEN Update – 12/09/2017 (11:30am): USDJPY is so far advancing for the second consecutive session today, extending the bounce off recent yearly lows in the 107.30 region recorded last Friday. The up move, as usual, is in tandem with the strong recovery of yields in the US money markets, pushing the key 10-year reference to the 2.15% neighbourhood today from last week’s multi-month lows in sub-2.02% levels. A break above 110.07 (38.2% Fibo of 114.51-107.33) would open the door to 110.67 (high Aug.31) and then 110.85 (55-day sma). On the other hand, the initial support lines up at 109.36 (10-day sma) seconded by 109.03 (23.6% Fibo of 114.51-107.33) and finally 107.33 (2017 low Sep.8).