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USD/JPY Gets Close To Pre-BoJ Lows, EUR/JPY Lower Post ECB

JPY

Yen was a mid-range performer within the G10 for Thursday's session, rallying just over 0.3%. USD/JPY got to 133.50 in NY trade, close to lows from last Friday 133.38 (ahead of the BoJ outcome). We recovered back to 134.20/30 by the NY close. A reminder that Japan markets remain closed today, returning Monday.

  • Much of the post-Asia close focus on Thursday was centered on EUR/JPY. Price action saw support at 147.50 broken, the 20-day EMA. Below here, key short-term support has been defined at 146.29, the Apr 25 low, where a break is required to signal a short-term reversal. We did recover late in NY back towards 148.00 (last 147.85/90).
  • With some residual pricing being pulled out for ECB hiking expectations following the ECB decision, the Euro underperformed for Thursday's session.
  • The recovery in USD/JPY late in NY trade was aided by firmer US yields, although this was more evident at the back end of the curve.
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