USD/JPY Upticks Sold, Pair Hoping To Hold 200-Day MA Break

USD/JPY's rebound post the payrolls print ran out of steam around the 136.00 during NY trade on Friday. We finished the NY session back down at 134.30, but track slightly higher in the first part of trading today, last around 134.50. Note lows from the Friday session came in near 133.60.

• Yen was comfortably the best performer in the G10 space last week, up 3.5%. Whilst the currency continues to track UST yield momentum, the yen appeared to outperform the differential trend somewhat last week.
• Added impetus came from speculation around a BoJ policy review, although it remains to be seen what comes of this in the near term. The other positive is potential insurance related hedging flows on foreign assets.
• The simple 200-day MA comes in at 134.61. A break below Friday's lows would likely see the market targeting mid-August lows around 131.75.
• On the data front, today just holds the final PMI services and composite readings for November.