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Caution Lends Broad Support To Yen But USD/JPY Creeps Higher

JPY

USD/JPY eked out some gains on Tuesday, with both sides of the pair climbing near the top of the G10 scoreboard amid broader demand for safe havens.

  • Underwhelming outlook from Walmart weighed on the equity space, even as a strong showing from Alibaba brought some reprieve to Asian stock markets. Ongoing worry about Russia's gas deliveries to Europe further undermined risk appetite. As a result, ex-Asia equity benchmarks faltered, while the VIX index jumped.
  • U.S./Japan 10-year yield gap re-widened in NY hours, returning to opening levels and driving a fresh upswing in spot USD/JPY, which took the pair to new intraday highs.
  • USD/JPY last deals at Y136.95, little changed on the day. Bulls look for gains past Jul 14 cycle high of Y139.39, which would bring the psychologically significant Y140.00 figure into play. Bears look for a dip through Y134.27, the low print of Jun 23 & key near-term support.
  • Kyodo news agency reported that Osaka prefecture is set to raise its COVID-19 alert to the highest level, possibly as soon as today, mimicking a similar move by Tokyo metropolitan government on July 14.
  • Japanese economic docket gets busier on Friday, with the BoJ due to publish the summary of opinions from its latest monetary policy meeting, with domestic data galore. Key releases include Tokyo CPI, unemployment, retail sales and flash industrial output.
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