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JPY: Yen Underperforms Post Ueda Comments, Local Markets Closed Today

JPY
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USD/JPY tracks near 143.90 in early Monday trading. Yen lost 0.85% through Friday's session, comfortably the weakest performer in the G10 FX space. Broader USD indices finished Friday's session higher, albeit at the margin (DXY up 0.11%, BBDXY +0.14%). Intra-session highs from Friday for USD/JPY came in at 144.49. 

  • The Bank of Japan decision on Friday saw rates left on hold, as expected. Governor Ueda noted the strengthening yen has eased upside price risks, reducing the need for short term rate increases. He added said the BOJ will be patient when adjusting policy. This was a headwind for yen as Friday's session unfolded, pulling the pair from sub 142.00 to above the 144.00 level.
  • Yen lost nearly 2.1% last week, with CHF the only other G10 currency to fall against the USD last week (albeit a much more modest 0.14%). The ongoing positive sentiment for global equities (although markets lost ground on Friday) and a lack of momentum from the earlier push sub 140.00 in USD/JPY, worked against the currency (in addition to the above BoJ drivers).
  • Levels wise, USD/JPY is now back above its 20-day EMA (143.59), while next key resistance is 147.12, the 50-day EMA. 141.74 was the intra-session low from Friday.
  • Note today local markets are closed. 
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USD/JPY tracks near 143.90 in early Monday trading. Yen lost 0.85% through Friday's session, comfortably the weakest performer in the G10 FX space. Broader USD indices finished Friday's session higher, albeit at the margin (DXY up 0.11%, BBDXY +0.14%). Intra-session highs from Friday for USD/JPY came in at 144.49. 

  • The Bank of Japan decision on Friday saw rates left on hold, as expected. Governor Ueda noted the strengthening yen has eased upside price risks, reducing the need for short term rate increases. He added said the BOJ will be patient when adjusting policy. This was a headwind for yen as Friday's session unfolded, pulling the pair from sub 142.00 to above the 144.00 level.
  • Yen lost nearly 2.1% last week, with CHF the only other G10 currency to fall against the USD last week (albeit a much more modest 0.14%). The ongoing positive sentiment for global equities (although markets lost ground on Friday) and a lack of momentum from the earlier push sub 140.00 in USD/JPY, worked against the currency (in addition to the above BoJ drivers).
  • Levels wise, USD/JPY is now back above its 20-day EMA (143.59), while next key resistance is 147.12, the 50-day EMA. 141.74 was the intra-session low from Friday.
  • Note today local markets are closed.