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USD/JPY Threatening 50-Day EMA, BoJ Nominations Expected Next Week

JPY

Yen finished the Monday session nearly 1.10% weaker, amid further broad USD gains. The yen was the second worst performer in the G10 space (only NOK fell by slightly more). Fixed income markets continued to sell-off in the aftermath of Friday's payrolls report.

  • The 2yr US cash Tsy yield is now nearly 40bps higher compared to lows from mid last week, while the US-JP 10yr swap spread is back to +251bps, versus recent lows of around +229bps.
  • USD/JPY got close to the 50-day EMA (132.94), with a 132.90 high from Monday's session. We sit slightly lower currently at 132.65. This is around 100 pips above lows from late in yesterday's session near the 131.60/65 region.
  • There will be continued focus on the new BoJ Governor, with nominations reportedly to be submitted to parliament next week (see this link ).
  • Today's data sees Dec labor cash earnings out, with +2.5% y/y forecast, versus a revised +1.9% y/y prior. Real cash earnings are expected at -1.5% y/y, -2.5% prior. Later on, the leading and coincident indices are out.
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