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USD/JPY Breaches 155.00, Amid Global Fixed Income Sell-Off

JPY

USD/JPY got to fresh highs back to 1990 above 155.00 post the Asia close on Wednesday. There was some initial volatility on the break above the figure level, but dips remain supported back to 154.80. By US trade we had reached fresh highs of 155.37, but we track modestly lower in latest dealings (near 155.25).

  • Yen lost just over 0.30% for Wednesday's session, towards the bottom end of the G10 performance range. The broader USD BBDXY index rose a modest 0.12%.
  • Yen was likely weighed by the softer fixed income backdrop, led by Australia post yesterday's CPI beat. AUD/JPY sits just under 100.90, just shy of intra-session highs from Wednesday around 101.
  • Technically for USD/JPY, there is nothing until 156.00 and 156.47 on the topside. The usual caution regarding both verbal and actual intervention will continue to be in focus as we approach Friday's Bank of Japan decision. Recent lows rest at 153.59, while the 20-day EMA is also approaching this level.
  • The local data calendar has weekly investment flows early, then later on the leading and coincident indices, as well as department store sales.
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