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Yen Continues Its 2024 Softer Trend, EURJPY Breaks Key Levels

JPY

The yen was a mid-range performer in a G10 that struggled against a rising US dollar. The USD index rose 0.9% on higher US yields and comments from the Fed’s Waller. USDJPY trended higher through Tuesday and finished up 1% to 147.10, close to the intraday high of 147.31. The pair has begun today slightly lower at 147.12.

  • USDJPY is now 4.3% higher this year. The pair approached resistance at 147.32 on the upside and on the downside found support at 146 during the European session. Initial support is at 144.23, 20-day EMA.
  • As the yen underperformed the euro, EURJPY rose 0.3% to 160.07 after a high of 160.15 but has started the APAC session down slightly to 160.02. The cross broke through resistance at 158.57 and 160.07. A clear break of the latter would open 161.69. Initial and key support is at 157.21.
  • AUDJPY fell 0.2% to 96.91 as weak equities and a soft Australian consumer confidence report weighed on the Aussie. The pair has started today close to this level at 96.90.
  • There is no data in Japan today. December CPI is released on Friday.
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