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Yen Briefly Trades Below ¥142, Busy Data Docket On Tap

JPY

USD/JPY last prints at ¥144.10/20, the pair fell ~2.2% on Thursday.

  • The Yen had its strongest day of 2023 as the initial support from BOJ's Ueda and Himino and a poorly received long-end JGB auction continued yesterday. Markets continue to speculate over the possibility that the December meeting is now live for further tightening.
  • USD/JPY briefly dipped below the ¥142 handle, printing a low on BBG of ¥141.71 marking a 3.8% fall from opening levels, before paring losses into the close.
  • Technically the downtrend is firmly intact, support comes in at ¥143 and ¥141.71 (low from Dec 7). Resistance is at ¥145.
  • On the wires today we have the final read of Q3 GDP, Oct Labor Cash Earnings, Oct Current Account Balance and the Nov Eco Watchers Survey.
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