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USD/JPY Rebounds On Higher US Yields, Jobless Data & Capex Due Today

JPY

USD/JPY climbed from recent lows post the Asia close on Thursday, as US yields saw a solid move higher. We got to 148.51 in NY trade, before offers emerged (yesterday's earlier low was at 146.85). We track close to 148.20 in early Friday dealing, a yen loss of 0.65% for Thursday's session.

  • The recent break sub 147.15 has canceled the recent bullish pattern in the pair. Trendline support at 146.67 is eyed, while on the top side, key short resistance is seen at 149.75, the Nov 22 high. Before then the 50-day EMA is at 149.01.
  • US-JP 10yr yield differentials have firmed from recent lows, tracking back above +360bps. US data was mixed on Thursday, but some of the underlying detail was firmer, while the MNI Chicago PMI surged to 55.8 for Nov from 46.0 prior.
  • On the data front today we have Oct jobless data, Q3 capital spending and company profits, along with the final manufacturing PMI read for Nov.
  • Note the following option expiries for NY cut later today: Y147.00($1.0bln), Y147.50-70($860mln), Y148.00($802mln), Y148.50($734mln), Y148.85-00($1.0bln).
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