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Free AccessLoses Some Ground, But Most Of The Post BoJ Rally Remains Intact
USD/JPY spent most the post Asia close recovering further. Dips towards 131.50 remained supported, while we got to around 132.50 as we progressed through the US session. We aren't too far away from these highs currently, last near 132.40. There was a post BoJ rebound in the pair near 133.00, while the Dec 14 low at 134.54 should also act as resistance.
- Broader risk appetite was firmer in the equity space, while commodities also rose across the major aggregate indices. This likely diminished yen appeal to a degree, although yesterday's session looked more like a consolidation after Tuesday's big rally.
- USD/JPY still looks too low relative to US-JP yield differentials, but this wedge has been evident for some time and the market may be reluctant to close the gap as we move into next year, with some premium in the yen to potentially remain, given risks around the BoJ policy outlook.
- The local data calendar has weekly investment flow data on tap, then the leading and coincident indices print later on.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.