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Free AccessUSD/JPY Back To Familiar Ranges, BoJ Nominations In Focus Tomorrow
USD/JPY's dip sub 130.00 late in the Asia session on Friday wasn't sustained. We recovered back to 131.60 late in NY trade. The pair is a touch lower in the first part of trade today, last around 131.40/35. This is within ranges from late last week. The 20-day EMA comes in around 130.83, while on top is the 50-day EMA at 132.65.
- Market focus will remain on BoJ nominations tomorrow. The yen surged on Friday amid reports Kazuo Ueda, a Professor and former BoJ board member, will be Kishida's nomination for the BoJ Governor position. Ueda hadn't previously been flagged as a candidate, so the report took the market by surprise (with previous front runner Deputy Governor Amamiya reportedly refusing the offer to take the position).
- Ueda stated late on Friday that BoJ should continue, which helped trim yen gains. Ueda is seen, on balance, a slightly more hawkish candidate relative to Amamiya.
- Yield momentum also continues to move in favor of the USD. This likely helped USD/JPY through NY trade. The 10-yr US-JP swap spread is back to +256bps
- The Japan data calendar is quiet today. 1 week USD/JPY vol is around 15.80% currently. We did spike close to 18% during Friday trade.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.