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USD/JPY Eyeing Another Downside Test Of the 50-Day MA

JPY

Yen is the clear outperformer within G10 in the first part of trading today. We are around 0.55% firmer, which puts USD/JPY back to the 132.70/75 region. Recall that the Wednesday session low came in around the 132.20 level, so this could be a downside target. Prior to that we have the simple 50-day MA (around 132.54). We haven't sustained breaks sub this level since early Feb.

  • Earlier Japan Feb trade data was a touch firmer than expected in terms of the trade deficit, but export and import growth were slightly below expectations. Core machine orders for Jan were stronger than expected.
  • In the cross asset space, US yields are a touch lower in early trade, while equity sentiment is mostly weaker for regional markets that are open.
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