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USD/JPY Close To Downside Test Of 20-day EMA, BoJ Summary Of Opinions Out Today

JPY

USD/JPY currently tracks near 141.75, not too far off lows from NY trade on Friday. The pair sank from 142.70/80 pre the US NFP print to near 141.50, before some support emerged. Yen gained just under 0.60% for Friday's session amid broad USD losses. It was the third best performer in the G10 space.

  • The yen benefited from a sharp pull back in US yields, the 2yr 4.76% (-12bps) post payrolls data. The market mainly focusing on the weaker than expected headline NFP print rather than the firmer AHE and dip in the unemployment rate.
  • In terms of technicals, the bulls still remain in control despite Friday's sharp pullback. On the downside, initial support to watch lies at 141.45, the 20-day EMA, which isn't too far away from current spot levels.
  • The 50-day EMA sits further south at 140.58. On the topside, focus is 144.20 the July 7 high.
  • The data calendar has the June preliminary Leading and Coincident indices on tap later. Early on we have the BoJ Summary Of Opinions from the July monetary policy meeting.
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