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USD/JPY Creeps to Session Highs, Bringing Cycle Best Into View

JPY
  • USD/JPY building back into positive territory having bottomed out on the day at 148.93. Pair has added ~50 pips off lows, with the creep higher in front-end US yields (and the 10 re-approaching the much-watched 4.20% level) aiding the move.
  • USD/JPY strength across US hours puts prices well within range of the bull trigger and near-term high of 149.58, a rise above which would be the highest level since November.
  • As has been the case across equity and bond markets, FX volumes are muted (if futures are anything to go by), with CME JPY futures trading ~40% below the average you'd expect to see at this time of day.
  • Next levels north of the Friday high are 149.75 Nov 22 high and 150.78. US CPI should prove key for the near-term outlook - with a higher-than-expected reading like to put 4.495%, the YTD high, in focus for the US 2yr yield.
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