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USD/JPY Breaks Above 139.00, As US Yields Remain On The Front Foot

JPY

Yen weakness was prominent during the NY session on Wednesday, with USD/JPY rallying past 139.00, getting close to 139.50 by the close. We sit slightly lower currently, last around 139.35/40. The yen lost 0.63% for Wednesday's session as a whole, mid-range from a G10 standpoint, as broad-based USD gains continued.

  • In terms of technicals, the break above 139.00, opens 139.59, a Fibonacci retracement. Beyond that is 140.08, 2.0% of the 10-dma envelope. Initial firm support is seen at 136.29, the 20-day EMA. Key support is far off at 133.50, the May 4 low.
  • USD/JPY followed US yields higher, which finished the NY session around highs, led by the front end. The FOMC minutes showing a split on continued rate hikes, while comments from Waller leaned on the hawkish side.
  • The local data calendar just has Japan weekly investment flows on tap today. Focus is likely to remain on offshore inflows into Japan stocks, which have outperformed in recent weeks.
  • Despite the break higher in USD/JPY, risk reversals and implied vols remain well behaved in the 1 month space.
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