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USD/JPY Near 154.00, Onshore Markets Return Today

JPY

USD/JPY sits just off Monday session highs in early Tuesday dealings. We track in the 153.85/90 region, with the pair unable to make headway above 154.00 in Monday trade. Yen lost just under 0.60% for Monday's session, comfortably the worst G10 FX performer, with broader dollar indices close to unchanged in the holiday impacted session (BBDXY last near 1251.55).

  • The bulk of yen losses came in Monday's Asia Pac session, with USD/JPY rallying from sub 153.00 up towards 154.00. This has seen the pair extend its post-NFP bounce, rallying well off the 50-dma - a key support tested Friday at 151.99, closely matching the multi-decade pivot level around 151.91-95, which garnered much attention earlier this year. The May 2 high at 156.28 is still some distance to the topside though.
  • Yen underperformed higher beta plays NOK and AUD on Monday, with better global equity sentiment likely aiding such cross trends. US yields were mixed, slightly higher at the front end.
  • On the data front today we have final services and composite PMI reads for Apri (Jibun Bank). Onshore markets re-open after being shut since last Friday.
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