USDJPY Climbs to 114.00 — Highest Since November 2018

The USD/JPY pair refreshed multi-year tops during the Asian session, with bulls now awaiting a sustained move beyond the 114.00 round-figure mark. The continued momentum which has been built up over the last 6 months has pushed the USD/JPY pair to the highest level since November 2018.

The Japanese government – in the October economic report – slashed its view on exports for the first time in seven months. This, along with the prevalent risk-on mood, undermined the JPY’s safe-haven demand. Bulls further took cues from a modest uptick in the US Treasury bond yields.

The minutes of the September FOMC meeting reaffirmed that the Fed remains on track to begin tapering its bond purchases in 2021. Moreover, the markets have been betting on the possibility of a potential interest rate hike in 2022 amid fears about a faster than expected rise in inflation.

The market focus now shifts to the release of US monthly Retail Sales figures, which, along with the US bond yields, will influence the USD price dynamics. Apart from this, the broader market risk sentiment might produce some meaningful trading opportunities around the USD/JPY pair.

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