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USD/JPY Tracks Recent Ranges, EUR/JPY Slumps Sub 157.00 Post ECB

JPY

USD/JPY ended Thursday's session basically unchanged versus Wednesday closing levels, just under 147.50. This is where is we currently track in early trade today. Post the Asia close on Thursday dips back to 147.00 were supported, while a spike above 147.55 drew selling interest.

  • Technically, focus remains on the topside in USD/JPY, with 148.40, the Nov 4 2022 high eyed. MA studies remain bullish, while a break sub 144.45, the Sep 1 low, is required to signal a short term top.
  • EUR/JPY fell sharply post the dovish ECB hike, the pair falling to recent lows near 156.65, before support kicked in. We track near 156.95 in current dealings, which is very close to the 50-day EMA.
  • Some offset came from a firmer US yield backdrop, which was aided by retail sales and PPI US data beats. This likely kept USD/JPY dips supported.
  • Japanese auto part makers are worried about the potential spill over from a US strike in Detroit (see this link for more details).
  • On the data front, today has the July tertiary industry index. The consensus is for 0.3% m/m, versus -0.4% prior.
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