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Fed/BoJ Policy Divergence Keeps Pushing USD/JPY Higher

JPY

USD/JPY extended its current winning streak to four straight days Wednesday, as signs of hawkish moods among FOMC members lent support to the greenback. The Fed's resolve in tackling inflation was a reminder about its growing divergence with the BoJ and its ultra-loose policy stance.

  • Note that hawkish Fedspeak has pushed global bond yields higher on Wednesday and yet 10-Year JGB yield stayed below the 0.25% cap mandated by the BoJ, even as the bank refrained from unscheduled bond purchase operations to enforce the limit.
  • USD/JPY has added 6 pips this morning and last trades at Y123.86, with its RSI back into overbought territory (last 74.53).
  • From a technical perspective, bulls set their sights on Y125.09, a cycle high printed on Mar 28. Conversely, bears would like to see a pullback under Mar 31 low of Y121.28.
  • Japan's BoP current account balance & Eco Watchers Survey will hit the wires on Friday.
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