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USD/JPY - Eyeing 135.50 Test

JPY

The yen remained on the backfoot post the Asia close on Friday, we got close to 135.50, before settling back at 135.00. We have pushed higher in early trade today, back to 135.20.

  • Weekend news showed support for BoJ's policy stance from Japan's ruling coalition. PM Kishida stated a rate rise may hurt the SME sector and that the government should take action to stem price rises.
  • The latest opinion polls show the cabinet approval rating fell by 5ppts to 48%. Higher prices/cost of living pressures was the main driver of this result.
  • There are upper-house elections in Japan on July 10, although the ruling LDP-coalition is expected to maintain a majority.
  • USD/JPY looks a little high relative to US yield levels, but the market seems likely to test the authorities resolve around FX levels
  • A test of the 135.50/60 region, which was the recent cyclical high, is likely to be the near-term focus at the start of this week.
  • The local data calendar just has Tokyo condominium sales on tap today.
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