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USD/JPY broke out above prior resistance to its highest level since March 2020, trading near 110.23. The move followed rising US Treasury yields and weak demand at a Japanese two-year bond auction.
Yen weakness and a stronger dollar raise the local-currency cost of imported US feed ingredients for Japanese buyers, a mechanical rather than supply-driven price effect.
fxempire.comJames HyerczykMar 30, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
