USD/JPY Supported Sub 150.00, Onshore Markets Closed Today

USD/JPY briefly dipped sub 150.00 in Thursday US trade (low ~149.85), but we recovered back to 150.45/55, tracking near this level in early Friday dealings. The yen gained 0.33% for Thursday's session, towards the bottom end in terms of relative G10 performance.

• Some recovery in US yields, although this was more so at the front end, helped stabilize dollar sentiment. Yen also underperformed higher beta commodity plays amid the continued recovery in global equities.
• Indeed, JPY (-0.53%, past 5 sessions) and CHF (-0.39%) are the only G10 currencies down against the USD over the past week, lagging the broader dollar sell-off as global risk appetite has recovered (the dovish YCC tweak, also weighed on yen).
• Note onshore markets are closed today for culture today.
• Focus will be on the government's new stimulus package, although some sell-side analysts are skeptical it will shift the economic needle (see this link for more details).
• Technically, 149.78 is the 20-day EMA on the downside, the 50-day is at 148.28. Post BoJ highs from Tuesday rest at 151.72.
• Options wise, the following expiries are evident for Friday's NY cut. 149.50($1.1bln), 150.00($1.3bln), 150.50($884mln), 151.00($940mln).