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USD/JPY Drifts Back Above 150.00

JPY

USD/JPY drifted a little higher post the Asia close on Monday, but remained within recent ranges. G10 FX markets were predictably contained on Monday, with the closure of US markets for President’s Day having an impact on liquidity and trends.

  • For USDJPY, lows earlier on Monday were at 149.88, but we track near 150.15 in early Tuesday Asia Pac dealing. Speculation continues around the BoJ NIRP exit. The latest MNI policy insight from yesterday is at this link, which looks at the chances of a shift at the March meeting.
  • Technically, 151.43, the November 16 high remains the focus, inching ever closer to the multi-decade highs at 151.95. Initial support moves up to 148.75, the 20-day EMA.
  • The data calendar just has Jan Tokyo Condominiums for sale data today, which won't shift the sentiment needle.
  • Note in the option expiry space, we have the following for NY cut later: Y149.85-00($1.0bln), Y150.50($1.6bln).
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