This sauce must not be allowed to get too hot, otherwise it may curdle.
Whisk the egg yolks and water together in a heatproof bowl until foamy. Place the bowl over a pan half-filled with simmering water and whisk until thick. The bowl should not touch the water. Gradually whisk in the butter.
Continue adding the melted butter, over very low heat, whisking constantly. The sauce should leave a trail on the surface when the whisk is lifted.
Once all the butter is incorporated, strain the sauce into a clean bowl, stir in the lemon juice and then season with salt and pepper.