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Free AccessUSD/JPY Falters Above 135.00, But Dips Towards 134.00 Supported
USD/JPY topped out above 135.00 not long after the post Asia close on Friday. The pair pulled back to the low 134.00 region, where support was evident. At the start of this week, we sit slightly higher, currently tracking at 134.25/30. Note the 200-day EMA comes in close to 133.90 on the downside, while the 100-day is around 134.75, which we breached on Friday, but couldn't hold above.
- The pullback in USD/JPY was consistent with a weaker US yield backdrop through Friday's session, as some Fed speak appeared to calm the notion that the Fed may move back to a +50bps hike pace. The US-JP 10yr swap spread ended Friday's session at +269bps, down from Thursday's high of +275bps.
- Today's US President's holiday may have driven some profit taking flows as well.
- Locally, ex BoJ Deputy Governor Iwata stated over the weekend if the BoJ moved too soon to adjust policy the risk would be a return to deflation (see this link).
- The local data calendar is quiet today. On the 24th of Feb, this Friday, new BoJ Governor Ueda will appear before the lower house of parliament, as part of confirmation hearings.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.