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JPY Dive Deepens, 2002 Lows in View

FOREX
  • USD/JPY trades markedly higher for the seventh session in eight, with the pair narrowing in on the Y134 handle as well as the next key upside level at the 2002 highs of Y135.15. The focus in the near-term is on 134.48, a Fibonacci projection. The JPY is weaker against all others in G10, with the EUR/JPY also notable: the cross is nearing Y143.00 and is trading at levels last seen in 2015.
  • The latest leg lower for JPY comes as the BoJ governor acknowledged some of the outcry around the weaker currency, but pledged that the BoJ will firmly support the economy with the current monetary easing strategy. He also added that "stable" JPY weakness is a positive for the Japanese economy.
  • Aided by the JPY's decline, the greenback is the firmest currency in G10 ahead of the NY crossover, reversing the weakness seen through NY hours on Tuesday. For the USD Index, a rise through 102.84 would mark the strongest USD since May 23rd. The single currency also trades well, rising against most others and receiving a minor tailwind from an unexpected revision higher in Q1 GDP, which doubled to 0.6% on the quarter vs. Exp. 0.3%.
  • Data and central speakers are few and far between Wednesday, with the Fed and the ECB both in their respective media blackout periods. US wholesale inventories and trade sales data are the sole highlight at 1500BST/1000ET.
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