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USD/JPY Rally Stops Short Of 145.00, But Yen Underperforms Post BoJ

JPY

USD/JPY's rally extended towards 145.00 post the Asia close on Tuesday (highs of 144.96). We sit comfortably lower now, back near 143.80 in early Wednesday dealing. Still, this was a 0.75% loss for the session, the only G10 currency to fall against the USD. The BBDXY finished off by 0.30%.

  • Yen was weighed by fallout from the steady BOJ decision, with the continued easing bias suggesting a policy shift at the January meeting is unlikely.
  • Current spot levels are very close to the 200-day EMA, while the simple 200-day MA sits further south at 142.62. On the topside, a break above 145.00 may see earlier Dec highs 146.59 (Dec 11 targeted).
  • EUR/JPY was an outperformer on Tuesday, rising 1.25% on the session. Options volumes have been buoyed by trades consistent with sizeable call spreads that crossed in early Europe/very late Asia, and again at the NY crossover. Trades target upside in the cross via a 160/162 call spread, and captures the next BoJ rate decision on January 23rd.
  • On the data front today we have Nov trade figures as the main focus point.
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