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USD/JPY Closes Thin London Session at Best Levels of the Day

JPY
  • USD/JPY heads through the London close at the best levels of the session, however remains well short of the Friday high at 142.89 in a relatively thin session.
  • Volumes are notably lower than average across both futures and options markets, keeping focus on risk events set for later in the week, namely US CPI and the prelim UMich set for Friday.
  • The pullback off last week's high found support at the 141.32 50-dma, which has provided some early stability this week. This leaves 143.89 as primary resistance before any test on the cycle best at 145.07.
  • Front-end vols are under pressure as markets discount any further BoJ policy shifts in the short-end, helping pressure 1m implied vols below 10 points - notably south of the 11.5 YTD average for the measure.
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