Forex▼ Bearish
Yen Weakens as US Rates Rise, Oil Rally Lifts CAD and AUD
USD/JPY clears 163 as US yields climb; CAD/JPY and AUD/JPY gain on oil strength. Traders eye intervention risk but uptrend remains intact.
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The yen fell across the board on Thursday, pressured by a widening US rate differential and a surge in crude oil prices. USD/JPY climbed above 163, a level that had held as resistance since the last Bank of Japan intervention. US Treasury yields rose again, extending the rate gap that has driven the yen lower for months.
Canadian and Australian dollars both gained against the yen, tracking oil's rally. Brent crude pushed toward $100 as supply risks from two major chokepoints tightened the market. CAD/JPY cleared 116, a resistance zone that had capped gains in previous sessions. The next level to watch is 117.50, the swing high from earlier this year.