USD/JPY continues to edge higher during the American session
The USD/JPY pair gathered bullish momentum during the American trading hours and reached a daily high of 110.11. As of writing, the pair was up 0.4% on the day at 110.06. Rising US Treasury bond yields seem to be providing a boost to USD/JPY in the second half of the day. Currently, the 10-year US T-bond yield is at its highest level since August 13 at 1.336%, up 3.02% on a daily basis. On the other hand, the greenback continues to stay resilient against its rivals with the US Dollar Index clinging to modest daily gains around 93.00.
Earlier in the day, the data published by the US Census Bureau revealed that Durable Goods Orders in the United States declined 0.1%, or $0.4 billion, to $257.2 billion in July. This reading came in slightly better than the market expectation for a decrease of 0.3% and helped the USD gather strength. There won't be any other data releases from the US in the remainder of the day. The 5-year US Treasury note auction at 1700 GMT will be looked upon for fresh impetus. In case the auction results trigger another leg up in yields, USD/JPY could push higher and vice versa.