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Sitting At 200-Day MA, Trade Figures Out Today

JPY

USD/JPY post FOMC bounce ended close to 136.00. The pair moved back below 135.00, but this dip was supported. We finished late NY trade back close to 135.50. Yen underperformed against the broader G10 basket, finishing only slightly higher for Wednesday's session, against a ~0.35% drop in the DXY.

  • JPY continues to follow the trajectory of UST yields, which couldn't hold post FOMC gains as Powell's press conference got underway.
  • This will remain a focus point today, although the BBDXY ended the NY session just above recent lows (last at 1251), and is threatening fresh downside. For USD/JPY the focus remains on the Dec 2 low at 133.63. Note also the simple 200-day MA comes in at 135.46, right around current spot levels.
  • Locally, Bloomberg reports a BoJ review could be conducted next year, although it is unlikely to happen before Kuroda's terms ends (April 2023).
  • Today's data includes November trade figures, with exports and import growth expected to slow further, while weekly investment flow data is also out. The tertiary industry index prints later today as well.
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