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USD/JPY Edges Higher, Real Wages Fall, BoP Current Account Up Next

JPY
The Yen edged higher throughout the Friday session after initially breaking below 151.00 level, the USD/JPY closed up 0.19% at 151.62 while the BBDXY finished the session unchanged at 1242.70.
  • USD/JPY push higher on Friday after initially breaking the 151.00 level, the pair hovered around 151.40 prior to US Non-Farms before gapping higher and testing the Thursday highs at 151.75. As trading gets underway on Monday, the pair is a touch higher at 151.67.
  • looking at technicals: trend needle points north and S/T weakness is considered corrective. A flag formation on the daily chart - a bullish continuation pattern, reinforces the uptrend and note that MA studies are in a bull-mode position too highlighting a rising trend. Sights are on 151.97 (Mar 27 high), while a move above here could see a test of 152.66 (1.236 proj of the Feb 1 - 13 - Mar 8 price swing), to the downside 150.91/149.78 (20- and 50-day EMA).
  • Japanese workers experienced a 23rd consecutive month of falling real wages in February, with a 1.3% decline, due to accelerated consumer price growth, impacting spending. Despite last fiscal year's wage increases, which were the largest in three decades, they have lagged behind inflation, prompting households to reduce spending. However, the Bank of Japan anticipates a shift, as recent commitments from companies to raise wages by over 5% this fiscal year could outpace expected inflation of 2.3% in 2024, a move reflected in its decision to end its zero-rate policy.
  • In the option expiry space: Y150.00($605mln), Y151.85($719mln), Y153.00($544mln) for Apr 8 NY Cut
  • Looking ahead: Feb BoP Current Account Balance at 9.50am AEST.
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