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Markets Eyeing The 20-Day EMA in USDJPY As BOJ Approaches

JPY
  • Rising US yields and the recovery for major equity indices off mid-session lows has prompted a not insignificant 80 pip bounce for USDJPY with the pair now narrowing in on the earlier highs of 133.94 as we approach the APAC crossover.
  • Earlier, we noted that the move lower had seen the pair clear initial support at the 20-day EMA which intersected at 133.51. While the breach does suggest scope for a potential continuation lower, bulls will look favourably on the supportive price action late Wednesday. More significant support remains lower down at 132.02, the Apr 13 low, of which a break would strengthen overall bearish conditions.
  • On the upside, key short-term resistance is at 135.13, the Apr 19 high, where a break is required to reinstate the recent bullish theme.
  • The Bank of Japan will likely not tweak its easy policy settings at the April 27-28 meeting as the shape of the yield curve remains relatively favorable and the recent rise in Japanese government bond yields is consistent with movements overseas, MNI understands. Our full markets team preview with analyst views will be published overnight.
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