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<p style="" class="text-align-justify">As bond yields have been hit heavily by a dual combination of safety bets amid the banking turmoil and market players pricing in a less aggressive Fed, that has helped to put a bid under the yen over the last few weeks. The supposedly more dovish rate hike by the Fed last week also isn't helping and we saw USD/JPY come down to test the 130.00 mark on Friday.</p><p style="" class="text-align-justify">For now, the figure level is holding but that arguably owes to traders also drawing a key line in the sand in the bond market as noted <a href="https://www.forexlive.com/news/believe-what-you-will-20230327/" target="_blank" rel="follow">here</a>.</p><p style="" class="text-align-justify">At this point in time, USD/JPY price action really only comes down to one thing and that is how the bond market reacts:</p>

                This article was written by Justin Low at www.forexlive.com.