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Free AccessUSD/JPY Rally Stops Short Of 145.00, But Yen Underperforms Post BoJ
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.