USD/JPY to continue marching forward above the 110.40 level

The USD/JPY pair hit 110.38, a fresh one-year high, as government bond yields resumed their advances, trading also a fresh one-year high. In the view of FXStreet’s Chief Analyst Valeria Bednarik, USD/JPY is set to continue rallying.

See: USD/JPY to hit new highs fueled by rising long-term US yields – MUFG

Key quotes

“Japan published the February Unemployment Rate, which remained at 2.9%, better than the 3.0% expected. Also, Large Retailer Sales declined by less than anticipated, down by 4.7% in February.” 

“The US will publish some minor figures and CB Consumer Confidence, foreseen at 96.9 in March from 91.3 in the previous month.”

“The USD/JPY pair could resume its advance once above 110.40, now the immediate resistance level.”