USD/JPY stays relatively calm after posting its strongest weekly close since March 2017 at 114.20. The energy crisis has left the JPY vulnerable and a test of major resistance at 115.00 beckons for USD/JPY, economists at ING report. 

Rising US yields continue to fuel the pair's upside

“The USD/JPY pair will also find support from US yields, where our rates team still expect a further rise as market tightening expectations move towards those of the Fed.”

“Japan’s monthly trade balance is expected to widen towards the JPY500 B area. Any wider deficit could provide USD/JPY with the nudge through 115.00 as the market sinks its teeth into the energy dependence story.”