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JPY: USD/JPY Edges Higher, Following Ueda Less Hawkish Tone

JPY
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The yen underperformed all other G10 currencies on Monday, falling 0.23%, although it was the top performing currency on Friday when it traded up 1.30%. The pair traded in tight ranges yesterday, briefly testing Friday's lows of 153.84, before hitting session highs of 155.36. We track near 154.60/65 in early Tuesday dealings. Despite Friday's recent move we still trade above the 20-day EMA support point, which comes in at 153.20.

  • The BBDXY fell 0.42% on Monday, as US yields closed lower, we have now had two session's of a clear rejection of 4.50% for the US 10yr. US equities closed mixed, with the Dow Jones struggling to keep up with the Nasdaq for the second straight session.
  • The underperformance in the Yen was link to comments from BoJ's Ueda, where he maintained a cautious, data-dependent stance on future rate hikes, refraining from providing clear signals about a December policy adjustment. Ueda also reiterated that decisions would depend on evolving economic and price conditions, emphasizing the BOJ’s gradual approach to policy normalization, these comment were viewed as less hawkish than expected.
  • The USDJPY remains in a bullish trend, with the pullback on Friday seen as corrective. Last week’s gains confirmed a resumption of the uptrend that maintains the price sequence of higher highs and higher lows. Sights are on 156.88 next, a Fibonacci projection. Initial firm support is 153.20, the 20-day EMA. A clear breach of this EMA would signal the start of a corrective phase.
  • It is a rare empty data calendar for Japan today, with just a 12 month bill auction
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The yen underperformed all other G10 currencies on Monday, falling 0.23%, although it was the top performing currency on Friday when it traded up 1.30%. The pair traded in tight ranges yesterday, briefly testing Friday's lows of 153.84, before hitting session highs of 155.36. We track near 154.60/65 in early Tuesday dealings. Despite Friday's recent move we still trade above the 20-day EMA support point, which comes in at 153.20.

  • The BBDXY fell 0.42% on Monday, as US yields closed lower, we have now had two session's of a clear rejection of 4.50% for the US 10yr. US equities closed mixed, with the Dow Jones struggling to keep up with the Nasdaq for the second straight session.
  • The underperformance in the Yen was link to comments from BoJ's Ueda, where he maintained a cautious, data-dependent stance on future rate hikes, refraining from providing clear signals about a December policy adjustment. Ueda also reiterated that decisions would depend on evolving economic and price conditions, emphasizing the BOJ’s gradual approach to policy normalization, these comment were viewed as less hawkish than expected.
  • The USDJPY remains in a bullish trend, with the pullback on Friday seen as corrective. Last week’s gains confirmed a resumption of the uptrend that maintains the price sequence of higher highs and higher lows. Sights are on 156.88 next, a Fibonacci projection. Initial firm support is 153.20, the 20-day EMA. A clear breach of this EMA would signal the start of a corrective phase.
  • It is a rare empty data calendar for Japan today, with just a 12 month bill auction