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Yen Goes Offered Again

JPY

The yen turns weaker at the start to the week, with USD/JPY adding 27 pips thus far. This brings the rate to Y128.77, with bulls looking for a clean break above Apr 20 multi-decade high of Y129.40, located just shy of the 0.764 proj of the Feb 24 - Mar 28 - 31 price swing (Y129.44). The next key layer of resistance is provided by the psychologically significant Y130.00 figure. Bears would be pleased by a retreat past Apr 20 low of Y127.46.

  • USD/JPY implied volatilities are creeping higher across the curve again, albeit recent cycle high have remained intact so far.
  • The domestic docket is rather sparse today, which turns focus to jobs data (Tuesday) as well as retail sales & flash industrial output (Thursday).
  • Also on Thursday, the BoJ will deliver its monetary policy decision, with policymakers expected to stand pat.
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