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JPY: Renewed Support For Japanese Yen as Core Yields Decline

JPY
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  • The turnaround for core fixed income markets provides some fresh support for the Japanese yen in recent trade, which continues to outperform in G10. USDJPY now 55 pips off the 146.29 highs seen just 45 minutes ago.
  • Yen strength on Tuesday has been underpinned by comments overnight from BoJ Governor Ueda reiterated Tuesday that the central bank will continue to raise interest rates if the economy and prices perform as expected.
  • Price action yesterday saw a brief print above the 20-day EMA, at 146.85. Resistance at this EMA remains intact  - for now and the turnaround following the US holiday may be exacerbating the price action. The trend structure is bearish and moving average studies are in a bear-mode set-up.
  • Earlier lows of the session at 145.61 the immediate level of interest. Below here, support does not come in until 143.45, the Aug 26 low. AUDJPY and NZDJPY continue to be the standout underperformers, declining 1.5% and 1.3% respectively.
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  • The turnaround for core fixed income markets provides some fresh support for the Japanese yen in recent trade, which continues to outperform in G10. USDJPY now 55 pips off the 146.29 highs seen just 45 minutes ago.
  • Yen strength on Tuesday has been underpinned by comments overnight from BoJ Governor Ueda reiterated Tuesday that the central bank will continue to raise interest rates if the economy and prices perform as expected.
  • Price action yesterday saw a brief print above the 20-day EMA, at 146.85. Resistance at this EMA remains intact  - for now and the turnaround following the US holiday may be exacerbating the price action. The trend structure is bearish and moving average studies are in a bear-mode set-up.
  • Earlier lows of the session at 145.61 the immediate level of interest. Below here, support does not come in until 143.45, the Aug 26 low. AUDJPY and NZDJPY continue to be the standout underperformers, declining 1.5% and 1.3% respectively.