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JPY: Consolidates Back Above 155.00, Unions Call For Wage Rises At Small Firms

JPY
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USD/JPY tracks near 155.40 in early Thursday dealings. Yen lost around 0.50% for Wednesday's as broader USD sentiment recovered ground. Intra-session highs were at 155.89 from Wednesday trade. 

  • This backdrop keeps the broader technical picture for USD/JPY unchanged. Price action has remained above support at the 20-day EMA, at 153.20. Moving average studies are in a bull-mode position highlighting a dominant uptrend and sights are on 156.88 next, a Fibonacci projection. On the downside, a clear breach of the 20-day EMA would signal the start of a stronger corrective phase.
  • Yen was weighed by the slightly firmer US yield backdrop, as Fed speak was mixed, while a debt auction in the US was also poor. On a relative basis, yen was mid range in terms of broader losses against the USD.
  • Equity sentiment was softer through EU trading, while US markets were flat. Early Asia Pac focus will be on Nvidia's results, with generally better than forecast outcomes but the share price is lower in extended US trade.
  • Locally today, we have weekly offshore investment flows. Tomorrow delivers the Oct CPI nationwide print.
  • BoJ Governor Ueda delivers remarks around 2:10pm local time. "Remarks by Governor UEDA at the Paris EUROPLACE Financial Forum 2024 in Tokyo" per the BoJ website.
  • Japan's largest union is pushing the government for more support around wage increases, particularly at smaller firms (per BBG). See this link. 
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USD/JPY tracks near 155.40 in early Thursday dealings. Yen lost around 0.50% for Wednesday's as broader USD sentiment recovered ground. Intra-session highs were at 155.89 from Wednesday trade. 

  • This backdrop keeps the broader technical picture for USD/JPY unchanged. Price action has remained above support at the 20-day EMA, at 153.20. Moving average studies are in a bull-mode position highlighting a dominant uptrend and sights are on 156.88 next, a Fibonacci projection. On the downside, a clear breach of the 20-day EMA would signal the start of a stronger corrective phase.
  • Yen was weighed by the slightly firmer US yield backdrop, as Fed speak was mixed, while a debt auction in the US was also poor. On a relative basis, yen was mid range in terms of broader losses against the USD.
  • Equity sentiment was softer through EU trading, while US markets were flat. Early Asia Pac focus will be on Nvidia's results, with generally better than forecast outcomes but the share price is lower in extended US trade.
  • Locally today, we have weekly offshore investment flows. Tomorrow delivers the Oct CPI nationwide print.
  • BoJ Governor Ueda delivers remarks around 2:10pm local time. "Remarks by Governor UEDA at the Paris EUROPLACE Financial Forum 2024 in Tokyo" per the BoJ website.
  • Japan's largest union is pushing the government for more support around wage increases, particularly at smaller firms (per BBG). See this link.