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Off Recent Highs, But Holding Above 156.00, Trade Figures Out Today

JPY
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USD/JPY sits off Tuesday highs in early Wednesday dealings. We were last near 156.15. Overall changes were muted for Tuesday's session in the pair. It was a similar backdrop for the rest of the G10, with the BBDXY USD index holding recent ranges (ending Tuesday trade at 1247.6, up 0.09%).

  • The broader technical backdrop remains unchanged for USD/JPY. Resistance on the upside at 156.74 (May 14 high) is in focus. On the downside the 20-day EMA sits back at 155.27, but greater focus will be on the 50-day around 153.75.
  • Overnight developments saw a very brief hawkish reaction to Fed Governor Waller stating that several more positive CPI readings will be required to cut rates. However, with other elements of his speech in line and a more balanced Q&A, the greenback swiftly pared this initial advance.
  • US yields finished 2-3.5bps lower in terms of the Tsy benchmarks. Equity sentiment was mixed with EU markets lower, but US markets marginally higher (SPX +0.25%).
  • The yen marginally outperformed NZD and CAD, but overall moves were modest. NZD/JPY tracks arounds 95.10/15, off recent highs at 95.615.
  • On the local data front today we have April trade balance figures, along with core machine tool orders.
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USD/JPY sits off Tuesday highs in early Wednesday dealings. We were last near 156.15. Overall changes were muted for Tuesday's session in the pair. It was a similar backdrop for the rest of the G10, with the BBDXY USD index holding recent ranges (ending Tuesday trade at 1247.6, up 0.09%).

  • The broader technical backdrop remains unchanged for USD/JPY. Resistance on the upside at 156.74 (May 14 high) is in focus. On the downside the 20-day EMA sits back at 155.27, but greater focus will be on the 50-day around 153.75.
  • Overnight developments saw a very brief hawkish reaction to Fed Governor Waller stating that several more positive CPI readings will be required to cut rates. However, with other elements of his speech in line and a more balanced Q&A, the greenback swiftly pared this initial advance.
  • US yields finished 2-3.5bps lower in terms of the Tsy benchmarks. Equity sentiment was mixed with EU markets lower, but US markets marginally higher (SPX +0.25%).
  • The yen marginally outperformed NZD and CAD, but overall moves were modest. NZD/JPY tracks arounds 95.10/15, off recent highs at 95.615.
  • On the local data front today we have April trade balance figures, along with core machine tool orders.