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USD/JPY Rebound Extends, Onshore Markets Closed Today

JPY

USD/JPY stayed mostly on the front foot post the Asia close on Wednesday. We got to 145.75 in NY trade, as US yields firmed, before pulling back to 149.50/60 by the close. We track in this region in the first part of Thursday trade. Yen lost 0.80% for Wednesday's session, the worst performer in the G10 FX space.

  • Wednesday's continued recovery in USD/JPY from Tuesday's low at 147.15 may reinforce the view that recent weakness was likely part of a correction in the pair that may be over.
  • Tuesday’s price pattern is a dragonfly doji candle, a reversal signal. If correct, it signals scope for a stronger rally that would expose key resistance at 151.95, the Oct 21 2022 high.
  • US-JP yield spreads remain broadly within recent ranges, while US yields rose modestly in Wednesday trade, amid firmer US data outcomes (lower initial jobless claims and revised higher consumer inflation expectations).
  • The firmer US yield backdrop, coupled with generally positive equity sentiment, drove yen underperformance.
  • Note onshore markets are closed today for the Thanksgiving holiday.
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