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JPY: USDJPY Extending Recovery as Risk Stabilises Post-ISM

JPY
  • The immediate aftermath of the US data on Monday was characterised by continued volatility across currency markets, and specifically for the Japanese Yen. USDJPY’s initial rally to 143.85 swiftly reversed, with spot printing a low of 142.35 during the WMR fix.
  • Since then, markets have swiftly reversed once more and owing to a more stable backdrop of higher equities and higher core yields, USDJPY has rallied around 250 pips to trade within close proximity of the 145.00 handle. 
  • The pair remains down 1.2% on the session, however, this is greatly improved compared to the 3.38% rout at the intra-day lows.
  • Given the sharp moves, initial resistance is not seen until 146.66, today’s intraday high.
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