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USD/JPY Makes Fresh Highs, More Spill Over Evident To USD/Asia Than G10

JPY

USD/JPY is making fresh highs as Japan markets re-open after the lunch time break. The pair is now back to 131.15/20 (+2.30% higher for the session). We are within striking distance of the 20-day EMA (131.66). Moves above this resistance point hasn't been sustained since we broke convincingly back below this support level in early November last year.

  • The rest of the G10 complex is seeing fairly muted trade. Most other pairs are weaker against the USD (ex NZD), but losses are modest at this stage.
  • In the USD/Asia space, USD/CNH saw resistance around the 6.7900 level, but isn't too far away from these highs currently. 1 month USD/KRW is back to 1244/45, +0.65% higher. Most other pairs are also higher, although THB, PHP and IDR are outperforming on a relative value basis.
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