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USD/JPY Dips Towards 200-Day EMA

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Yen was the best performer in the G10 space through Thursday's session (+2%). Building on gains from the Asia session, JPY rallied to 135.20 in the NY session. USD/JPY sits a higher from these levels currently, last around 135.30. The 200-day EMA is near by at 135.02, while the simple 200-day is a little lower at 134.52.

  • JPY continues to track UST yield shifts fairly closely, see the chart below. The pullback in yields was aided by generally soft US data outcomes, with the ISM falling to 49.0.
  • Comments by BoJ board member Tamura have likely aided the yen as well. Tamura stated the BoJ should conduct a review of its monetary policy framework. The review could be sooner or a little later. The market may speculate such a review is a lead on a potential policy shift by the central bank.
  • The data calendar only contains monetary base figures.

Fig 1: USD/JPY & UST 10yr Yield

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Yen was the best performer in the G10 space through Thursday's session (+2%). Building on gains from the Asia session, JPY rallied to 135.20 in the NY session. USD/JPY sits a higher from these levels currently, last around 135.30. The 200-day EMA is near by at 135.02, while the simple 200-day is a little lower at 134.52.

  • JPY continues to track UST yield shifts fairly closely, see the chart below. The pullback in yields was aided by generally soft US data outcomes, with the ISM falling to 49.0.
  • Comments by BoJ board member Tamura have likely aided the yen as well. Tamura stated the BoJ should conduct a review of its monetary policy framework. The review could be sooner or a little later. The market may speculate such a review is a lead on a potential policy shift by the central bank.
  • The data calendar only contains monetary base figures.

Fig 1: USD/JPY & UST 10yr Yield

Keep reading...Show less