FX Action: USD-JPY has lifted toward 110.00
FX Action: USD-JPY has lifted toward 110.00, returning focus to recent trend highs at 110.01-03. A rebound in the dollar, which has been concomitant with a rebound in U.S. Treasury yields, with the 10-year T-note yield rising back above 3.0%, has driven the move as market participants focus returns back toward favourable yield differentials of the dollar versus the yen. Incoming speeches by Fed members has reaffirmed that the U.S. central bank remains on a course for continued moderate tightening, despite last week's sub-forecast U.S. CPI data, while a Reuters survey of market economists today found almost half expecting the BoJ to refrain from existing ultra-accommodative monetary policy stimulus until 2020 or later. USD-JPY would need to break and close above recent trend highs, and the 200-day moving average, which is situated at 110.18 presently, to make for what many technically minded traders and investors would think of as a convincing affirmation of the bull trend that's been in evolution since early March.