USD/JPY Hits Three-Week Low as Yield Gap Continues to Drive Pair Higher
The Japanese yen has fallen to its lowest level in three weeks against the US dollar.
USD/JPY has risen from 157.80 to 158.79 on Thursday, pushing above the 158.62 technical level and a 76.4% retrace of the September drop from 160.39 to 152.89.
The 'yield gap' continues to drive USD/JPY higher as investors seek out assets with better returns.
According to eFXdata, USD/JPY could reach 160 once it overcomes the daily cloud spanning the 159.05-159.60 region.