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USD/JPY Fails To Close Above 157.00, BoJ-IMES Conference Today

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USD/JPY ended the week just below 157.00, and in early Monday dealings we are slightly lower at 156.93. A bit later this morning we expect opening remarks from BOJ Gov Ueda at the BoJ-IMES Conference.

  • The Yen was again the worst performing G10 currency on Friday, trading down 0.05%, as risk markets rallied.
  • Longer-end JGBs yields hit highest levels since 2012, with the 10-year hitting 1.005%, we finished the session just off those levels at 0.994%
  • looking at technical levels, a break back above 157.00 would open up a target of 157.20 (May 23 highs), with a test of the monthly highs of 157.99 (May 1) then in focus, while to the downside 155.81 (20-day EMA) and 154.13 (50-day EMA) will be in focus.
  • Locally today focus will largely be on comments from BoJ Gov, Ueda and Deputy Gov Uchina at the BoJ-IMES conference, while secondary focus will be on the Leading Index.
  • Finally, note the following option expiries for NY cut later: Y157($1.34bln), 156.00 ($2.51b May 30), 155.00 ($2.16b May 30), 155.50 ($1.49b May 28)
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USD/JPY ended the week just below 157.00, and in early Monday dealings we are slightly lower at 156.93. A bit later this morning we expect opening remarks from BOJ Gov Ueda at the BoJ-IMES Conference.

  • The Yen was again the worst performing G10 currency on Friday, trading down 0.05%, as risk markets rallied.
  • Longer-end JGBs yields hit highest levels since 2012, with the 10-year hitting 1.005%, we finished the session just off those levels at 0.994%
  • looking at technical levels, a break back above 157.00 would open up a target of 157.20 (May 23 highs), with a test of the monthly highs of 157.99 (May 1) then in focus, while to the downside 155.81 (20-day EMA) and 154.13 (50-day EMA) will be in focus.
  • Locally today focus will largely be on comments from BoJ Gov, Ueda and Deputy Gov Uchina at the BoJ-IMES conference, while secondary focus will be on the Leading Index.
  • Finally, note the following option expiries for NY cut later: Y157($1.34bln), 156.00 ($2.51b May 30), 155.00 ($2.16b May 30), 155.50 ($1.49b May 28)