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USD/JPY Outperforms Softer Yield/Weaker Equity Backdrop

JPY

The yen was around the middle of the pack from a G10 standpoint on Tuesday. We finished slightly down against the USD (-0.20%) for the session, outperforming the EU bloc and oil related currencies. Post the Asia close yesterday, USD/JPY was range bound, dips to 136.00 supported, while we ended the NY session close to 137.00, which is where the pair currently sits.

  • Yen weakness looked a little out of line with softer US Tsy yields overnight, while the equity tone was also a soft one. Dovish BoJ rhetoric from Kuroda yesterday may have weighed in the London/NY sessions though, curbing any rebound.
  • The pair is comfortably back above the 200-day MA (for both simple and EMA), which comes in close to 135.00, with the recent break below this level not proving sustainable.
  • In terms of the data calendar, the leading and coincident indices print for October. BoJ board member Nakamura also speaks today.
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