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USD/JPY Tracks Recent Ranges, Underperforms Continued USD Sell-Off

JPY

Yen was relatively range bound post the Asia close on Tuesday. Offers were evident above 149.00, while we dipped back close to 148.50 in the NY trade, as broader USD sentiment faltered. We last tracked near 148.70, with yen having lost -0.13% for Tuesday's session. This underperformed broader USD indices, with the BBDXY down a further 0.27%.

  • Technically, USD/JPY remains wedged between 147.43 (last Tuesday's low) and the 150.00 level. Yesterday's low came in just under148.20.
  • US yields drifted broadly sideways after yesterday's sharp dip at the open. The 2yr tried to move above 5.00% post the Asia close yesterday, but settled back at 4.97% by the NY close. The 10-yr yield finished at 4.65% (intra-day highs above 4.70%). Yen followed these gyrations reasonably closely.
  • Equity sentiment was better across EU/US markets (SPX +0.52%), which likely weighed in yen against higher beta plays. AUD/JPY is back to 95.60.
  • Locally, Kyodo reported late yesterday the BOJ is considering raising its inflation forecast to 3% for the current fiscal year (see this BBG link). The IMF also lifted Japan's growth and inflation projections (see this BBG link).
  • On the data front today is machine tool orders for September, which print later on.
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