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USD/JPY Rebounds Amid Broad USD Strength, Busy Data Calendar Today

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Yen couldn't maintain the positive tone from yesterday's Asia Pac session, as broad USD gains saw USD/JPY rebound. We got to 130.55/60 late in NY trade, and we sit just below that level currently (last 130.40/45). Yen was mid range compared to the rest of the G10, down 0.40% for Monday's session.

  • Yields were firmer across the board, kicked off by stronger Spain & Belgium inflation in the EU, although EUR/USD still faltered. Equities were generally weaker, but this didn't do anything for the yen from a safe haven standpoint.
  • On the topside for USD/JPY, clearance of 131.58 would be required to indicate a meaningful bullish technical development, signalling a short-term reversal and opening 133.64, the 50-day EMA. Monday's low sits close to 129.20.
  • Today is a busy data day, with jobless data, retail sales and IP for Dec all first up. Consumer confidence and housing starts print later.
  • The BoJ outlook will remain a strong focus point, with yesterday's commentary from Japan Research Institute Chair Yuri Okina aiding the yen. Still, a Bloomberg survey suggests a BoJ veteran is most likely to replace Kuroda (see this link).
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Yen couldn't maintain the positive tone from yesterday's Asia Pac session, as broad USD gains saw USD/JPY rebound. We got to 130.55/60 late in NY trade, and we sit just below that level currently (last 130.40/45). Yen was mid range compared to the rest of the G10, down 0.40% for Monday's session.

  • Yields were firmer across the board, kicked off by stronger Spain & Belgium inflation in the EU, although EUR/USD still faltered. Equities were generally weaker, but this didn't do anything for the yen from a safe haven standpoint.
  • On the topside for USD/JPY, clearance of 131.58 would be required to indicate a meaningful bullish technical development, signalling a short-term reversal and opening 133.64, the 50-day EMA. Monday's low sits close to 129.20.
  • Today is a busy data day, with jobless data, retail sales and IP for Dec all first up. Consumer confidence and housing starts print later.
  • The BoJ outlook will remain a strong focus point, with yesterday's commentary from Japan Research Institute Chair Yuri Okina aiding the yen. Still, a Bloomberg survey suggests a BoJ veteran is most likely to replace Kuroda (see this link).