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USD/JPY Still Pushing Higher, Q1 GDP Out Today

JPY

USD/JPY spent most of the post Asia close tracking higher. We got to 136.65/70 before moving lower into the NY close. We track around 136.35/40 currently, with the yen down 0.20% for Tuesday's session. This was around mid-range from a G10 standpoint, with all of the G10 down against the USD for Tuesday.

  • Technically, markets briefly topped next resistance at 136.63, the May 3 high. Further clearance of this hurdle would expose 137.77, the May 2 high and 137.91, the Mar 8 high. Note also the simple 200-day MA is around 137.07.
  • Cross asset signals were mixed for the yen. US yields mostly higher, led by the front end (2yr to 4.08%). US data was, on balance, better than expected, led by core retail sales and housing sentiment.
  • Equity sentiment weakened though, providing some support against higher beta crosses like NOK and AUD. AUD/JPY sits back sub 91.00.
  • The Japan data calendar is busy today, with Q1 GDP out. The market expects annualized growth of 0.8% in q/q terms, versus 0.1% prior. Also out is IP, the final read for Mar and capacity utilization.
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