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USD/JPY Briefly Tops ¥134 In Otherwise Muted Asian Session

FOREX

USD/JPY briefly dealt above ¥134 in the Asian session, printing the pairs highest level since mid March. Elsewhere in G-10 ranges have been narrow with little follow through on moves.

  • Yesterday's uptick in Oil prices and modest pro-USD gyrations in the U.S./Japan 2- & 10-Year yield spreads have also supported the cross. The breach of Monday's high in USD/JPY has opened ¥134.75, 61.8% retracement of the Mar 8-24 bear leg, for bulls. March PPI printed in line with expectations at 0.0% M/M whilst the Y/Y measure was a touch above estimates at 7.2%.
  • AUD is the strongest performer in the G10 space at the margins. AUD/USD is up ~0.2% last printing at $0.6665/70. The next target for bulls is $0.6697, the 20-Day EMA.
  • Kiwi is a touch firmer however NZD/USD has observed narrow ranges with $0.62 capping rallies and support seen below $0.6180.
  • Cross asset wise; BBDXY is little changed as are e-minis. 2 Year US Treasury Yields are ~1bp firmer.
  • Today's US CPI print, our preview is here, is the highlight of today's session. We also have the minutes from the March FOMC meeting, as well as the latest monetary policy decision from the Bank of Canada.
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