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JPY Surge Triggered by Cumulative BoJ Effect

FOREX
  • JPY has surged, comfortably outperforming all others in G10 to put USD/JPY through Y145.00 on the downside for the first time since early September. The move was triggered by the cumulative effect of appearances from BoJ's Himono and Ueda, both of which strongly suggested that the BoJ are already considering how to exit NIRP once economic conditions justifying a policy switch are met. A poorly received longer-end JGB auction added to the JPY impetus.
  • USD/JPY's weakness through Y145.00 opens Y144.45 as the next intraday downside level, and a broader retrenchment would open 142.85, marking the 61.8% retracement for the July - November upleg.
  • The greenback is the poorest performer, sliding against all others and tipping the USD Index off yesterday's highs. This snaps the winning streak for the USD that extended to six sessions.
  • Weekly jobless claims data and the final October wholesale inventories/sales numbers are the calendar highlights, while the central bank speaker slate is quieter given the proximity to the ECB, Fed meetings due next week. BoC's Gravelle is set to present the Economic Progress Report at 1750GMT/1250ET.
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