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USD/JPY Above 142.00, Suzuki Reiterates FX Should Move In A Stable Manner

JPY

USD/JPY has broken above 142.00. We currently track just below highs, last in the 142.10/15 region. This is fresh highs for the year and we are just below 142.25, the Nov 21 2022 high. A move above that level then targets 142.51, 61.8% of the Oct 16 2022 - Jan 16 bear leg.

  • Oct/Nov 2022 levels above 145.00 may beckon then.
  • Yen weakness is in line with the firmer US yield tone in the first part of trade today, with cash bond markets re-opening after the long weekend (yields are 4.1 to 5.7bps firmer across the curve).
  • Still, comments have crossed from FinMin Suzuki on FX markets. They are in line with recent rhetoric, with the Suzuki noting that the authorities are watching moves on a daily basis. This has helped USD/JPY move off session highs, albeit only modestly (the pair last 142.05/10).
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