Positive forecasts of analysts regarding the yen were successful. Currently, the USD/JPY pair surpassed the 107 mark amid growth of high yield on bonds and the US stock market. The Japanese currency is trading between 107.37-107.39, analysts say.
The strengthening of the US currency against the Japanese yen is due to the elimination of speculative positions in connection with the growth of Treasury yields. According to analysts, the USD/JPY pair received significant support from a powerful rebound in the yield of US Treasury bonds. As a result, the pair resumed growth, analysts emphasize.
On Tuesday, September 10, the USD/JPY pair rose 0.2% to 107.41. Previously, the pair briefly reached the level of 107.50 - the highest since the beginning of August 2019. At the moment, a slight decrease in the yen has been recorded.
Currency Strategists at Westpac Banking Corp. believe that the Japanese currency will recover to 105 against the dollar in the fourth quarter of this year. Most analysts are upbeat about the prospects for the Japanese currency.
