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USD/JPY Holds Above 149.00, Onshore Markets Are Closed Today

JPY

Post the Asia close on Friday saw USD/JPY largely track recent ranges. The pair made a few attempts to break above 149.50, but 149.55/60 capped these moves. Dips back to 149.00 were supported, while we track near 149.30 in early Asia Pac trade this morning.

  • Yen lagged most of the rest of the G10, with NZD, NOK and AUD the top performers in a generally positive equity risk on vibe through Friday's session, particularly in US markets. Yen was around flat, while the CAD and CHF fell slightly against the USD (BBDXY slipped a touch for Friday's session down 0.07%).
  • US yields mostly climbed, with the 2up 2.5bps to 4.48%, while the 10yr finished near 4.175%. We did see a yield dip as US CPI revisions were released but this was quickly reversed. US-JP 10yr yield differentials sit around +345bps, still below mid Jan highs.
  • For USD/JPY, focus remains on the upside, with the pair narrowing the gap to the 150.00 handle, levels not seen since mid-November. Given the constructive technical tone, this opens a move to 149.75, the Nov 22 high and then 150.78, the Nov 17 high.
  • Note onshore markets are closed today, while later on in NY trade we have the following option expiry: Y149.00-15($1.1bln).
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