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Early Yen Bid, Similar Pattern Seen During Tuesday & Wednesday Sessions

JPY

The early bias in Asia Pac trade for USD/JPY is once again to the downside, as was the case on Tuesday and Wednesday. The pair last sat close to 130.95, around -0.30% off NY closing levels. We remain above Wednesday session lows seen in NY trade (130.64). This level will be watched as a potential support point.

  • Yen strength is probably reflective of local reaction to Wednesday's softer than expected U.S. data and related richening in U.S. Tsys (although the move in bonds pared back from extremes), while worry surrounding U.S.- China relations centered on the verbal jousting after a bipartisan group of U.S. politicians met with Taiwanese President Tsai will be doing the JPY bid no harm.
  • The early tone is for a softer USD against the other majors, but yen is outperforming at the margins.
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