FX.co ★ USD/JPY analysis for February 25 2021 - Strong upside impuslive movement with potential for test of 106..70

The big story in the market today continues to be that of bonds as the steepening continues with the long-end of the curve rising sharply.

10-year Treasury yields are up nearly 7 bps to 1.442% while 30-year Treasury yields are up 6.4 bps to 2.297% currently in European morning trade.

European stocks are starting to see gains chipped away while US futures reflect a decline in tech with Nasdaq futures down 0.7% after a brief and minor rebound. S&P 500 futures are down 0.2% near the lows but Dow futures are up 0.1%.

Further Development

Analyzing the current trading chart of USD/JPY, I found that the buyers are in control and that USD/JPY is near our first upside target at 106,23.

Support level is set at 105,85