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JPY: USD/JPY Wedged Between 20 & 50-day EMAs

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USD/JPY didn't see new daily ranges post the Asia close on Tuesday. We moved back above 156.00, but found selling interest, the pair tracks near 155.50 in early Wednesday dealings. We were little net changed in aggregate for Tuesday's session. Broader USD sentiment pared a lot of the earlier tariff headline induced gains. The USD BBDXY index sits back at 1302.35, close to recent lows under 1300.

  • For USD/JPY downside focus will rest on the 50-day EMA at 155.00, while yesterday's low was 154.78. The 20-day EMA sits at 156.56 on the topside.
  • Equity sentiment was mostly positive in offshore markets, particularly US stocks, (SPX up a further 0.88%), which dented USD sentiment as the Tuesday session unfolded. US yields held lower, albeit up from earlier lows, the 10yr US Tsy yield last near 4.57%.
  • Outside of a +0.30% SEK gain, aggregate G10 FX moves were modest like the yen, not getting much beyond the 0.10% level. CAD and MXN pared earlier losses, albeit more so for the Canadian dollar.
  • Headlines have also crossed this morning from the WSJ that Trump is sing the early tariff threat for Canada and Mexico to push for earlier trade talks (in reference to USMCA). FX markets, including yen, will remain very sensitive to these developments.
  • Locally today, the data calendar is quiet. Onshore news agency Kyodo reported late yesterday that the central bank is moving towards a rate hike this week.
  • Note in the otpion expiry space, the following for NY cut later today: Y154.50-60($1.1bln), Y155.50($1.3bln), Y156.45($555mln).
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USD/JPY didn't see new daily ranges post the Asia close on Tuesday. We moved back above 156.00, but found selling interest, the pair tracks near 155.50 in early Wednesday dealings. We were little net changed in aggregate for Tuesday's session. Broader USD sentiment pared a lot of the earlier tariff headline induced gains. The USD BBDXY index sits back at 1302.35, close to recent lows under 1300.

  • For USD/JPY downside focus will rest on the 50-day EMA at 155.00, while yesterday's low was 154.78. The 20-day EMA sits at 156.56 on the topside.
  • Equity sentiment was mostly positive in offshore markets, particularly US stocks, (SPX up a further 0.88%), which dented USD sentiment as the Tuesday session unfolded. US yields held lower, albeit up from earlier lows, the 10yr US Tsy yield last near 4.57%.
  • Outside of a +0.30% SEK gain, aggregate G10 FX moves were modest like the yen, not getting much beyond the 0.10% level. CAD and MXN pared earlier losses, albeit more so for the Canadian dollar.
  • Headlines have also crossed this morning from the WSJ that Trump is sing the early tariff threat for Canada and Mexico to push for earlier trade talks (in reference to USMCA). FX markets, including yen, will remain very sensitive to these developments.
  • Locally today, the data calendar is quiet. Onshore news agency Kyodo reported late yesterday that the central bank is moving towards a rate hike this week.
  • Note in the otpion expiry space, the following for NY cut later today: Y154.50-60($1.1bln), Y155.50($1.3bln), Y156.45($555mln).