US 10-Year Yield, USD/ZAR, USD/JPY and HG Forecasts – Rates Pull Back to Kick Off Thursday

Rates pulled back Thursday, easing pressure on risk assets and encouraging risk appetite. The US 10-year yield shows a possible double-top and is retreating from the 4.30 area, which would support risk assets if it continues lower. FX views: author favors shorts on USD/ZAR toward ~16.5 with resistance at ~17 and trend invalidation above 17.25. USD/JPY has pulled back after verbal intervention signals from Japan, presenting buying opportunities near 159, with secondary supports at 158.5 and 158 despite a prior breach of 160.40 (a long-term swing high). Commodities: copper looks constructive—reclaiming $6 would open a move toward $6.15—supported by structural undersupply and demand drivers like electrification and AI.