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USD/JPY Chops Around

JPY

Little in the way of overt headline flow to drive USD/JPY in early Tokyo trade, with a brief showing below Y108.00 after the first print below the 50-DMA in months quickly unwound as we headed into the Tokyo fix, while U.S. Tsy yields ticked away from session lows (some linked the recovery to Gotobi day demand, although it may have just been a case of the initial move lower in USD/JPY lacking anything in the way of a fresh fundamental driver outside of the circular U.S. equity- & JPY-linked pressure on the Nikkei 225). Lows of Y107.97 registered thus far, last printing little changed around Y118.20, with initial support located at Y107.77, which represents the 38.2% retracement of the Jan to Mar rally. BoJ Governor Kuroda is currently answering questions in parliament, but hasn't delivered anything in the way of fresh insight as of yet.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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