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JPY: Yen Lags Softer USD Backdrop In Early Monday Trade, Tokyo CPI Out This Fri

JPY
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USD/JPY tracks near 154.30/35 in latest dealings, around 0.30% firmer for the yen in the first part of Monday trade. Broader USD softness is evident following Trump's pick for Treasury Secretary, Scott Bessent. The yen is marginally underperforming the likes of EUR and higher beta FX, which are 0.500.50% firmer at this stage.

  • The potentially less reflationary outlook for the US with Bessent as Treasury secretary is weighing on USD sentiment so far today, although there is still likely to be lots of uncertainty around the US policy outlook into 2025.  
  • For USD/JPY, we are still above the 20-day EMA at 153.52, while moving average studies are in a bull-mode position highlighting a dominant uptrend and sights are on 156.88 next, a Fibonacci projection.
  • For yen, we may see some benefit from a softer US yield backdrop post the Bessent nomination, but on a cross basis, higher US equity futures could see crosses against higher beta plays in focus. AUD/JPY was last near 100.80/85, within recent ranges.
  • On the data front today we have the Sep final leading and coincident indices along with nationwide department store sales. Most focus will rest on the Tokyo CPI this week, which prints on Friday.
  • We had the slightly stronger national CPI for Oct last Friday, while BoJ Governor Ueda, left the door ajar for a Dec shift we comments last week. 
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USD/JPY tracks near 154.30/35 in latest dealings, around 0.30% firmer for the yen in the first part of Monday trade. Broader USD softness is evident following Trump's pick for Treasury Secretary, Scott Bessent. The yen is marginally underperforming the likes of EUR and higher beta FX, which are 0.500.50% firmer at this stage.

  • The potentially less reflationary outlook for the US with Bessent as Treasury secretary is weighing on USD sentiment so far today, although there is still likely to be lots of uncertainty around the US policy outlook into 2025.  
  • For USD/JPY, we are still above the 20-day EMA at 153.52, while moving average studies are in a bull-mode position highlighting a dominant uptrend and sights are on 156.88 next, a Fibonacci projection.
  • For yen, we may see some benefit from a softer US yield backdrop post the Bessent nomination, but on a cross basis, higher US equity futures could see crosses against higher beta plays in focus. AUD/JPY was last near 100.80/85, within recent ranges.
  • On the data front today we have the Sep final leading and coincident indices along with nationwide department store sales. Most focus will rest on the Tokyo CPI this week, which prints on Friday.
  • We had the slightly stronger national CPI for Oct last Friday, while BoJ Governor Ueda, left the door ajar for a Dec shift we comments last week.