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Demand For Safe Havens Supports Yen

JPY

The yen gained Tuesday on the back of broader demand for safe havens, as disappointing guidance from Snapchat weighed on tech stocks. Disappointing U.S. data points weighed on the dollar, allowing JPY and CHF to reap most benefits of risk aversion. USD/JPY sales accelerated as U.S. equity markets re-opened on the back foot, allowing the rate to clear key support from Y126.95 on its way to worst levels in more than a month.

  • USD/JPY trades flat at Y126.84 at typing. Bears look for a slide through yesterday's low of Y126.36 before setting their sights on the 50-EMA at Y125.93. Bulls would be pleased by recovery towards May 17 high of Y129.78.
  • North Korea test-fired three ballistic missiles today but it seems that they landed outside of Japan's EEZ.
  • Focus turns to Tokyo CPI data, due for release on Friday.
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