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USD/JPY Plays Catch Up To Yields, Better Equity Tone Pushes Yen Crosses Higher

JPY

USD/JPY sits near session highs. The pair last around 131.60/65, +0.55% higher for the session so far. This puts us near recent highs around the 131.70/75 region. Beyond that is the March 22 high near 133.00.

  • USD/JPY has played some catch up with the firmer US yield backdrop, closing some of the wedge that we highlighting the morning, which has emerged over recent sessions.
  • Further gains in US yields in the first of the session (2yr +3bps to near 4.11%) has helped as well.
  • Spill over from the firmer equity backdrop has likely weighed on yen from a cross standpoint as well. Moves are being led by HSI and HS TECH post the Alibaba re-organization announcement. However, US futures are also higher, last near +0.40% for eminis and Nasdaq futures (positive guidance from Micron helping in the tech space).
  • AUD/JPY is back to 88.20/25, despite the earlier AU CPI miss. Note the 20-day EMA comes in at 88.82. NZD/JPY is close to 82.40 eyeing a test of recent highs around the 82.50 region.
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