USD/JPY trades at a fresh one-month high as yields climb ...Middle East

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USD/JPY trades at a fresh one-month high as yields climb
USD/JPY continues to retrace the rout from late in 2023. The pair added another 86 pips today, hitting 146.60, which is the highest since December 6 and completely wipes out the post-FOMC drop in the dollar.The level I'm watching is 147.46, which is the 61.8% retracement of the Nov/Dec drop. The pair turned after the Japanese earthquake and some softer Japanese inflation data. That prompted speculation that the Bank of Japan will be in no rush to normalize monetary policy.Eyes will be on spring wage negotiations in Japan as a key metric and on FOMC rate cuts on the USD side. At 11 am ET today, we will hear from Fed Governor Christopher Waller in one of the final speeches before the FOMC blac

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