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Yen Continues To Show Weakness

JPY

U.S. Tsy yields jumped on return from holidays, sending USD/JPY higher on Tuesday. The rate breached trendline resistance drawn off May 9 high and climbed to its best levels since May 19.

  • USD/JPY 1-month 25 delta risk reversal soared Tuesday in tandem with the spot rate, showing at the highest point since May 18.
  • Spot USD/JPY trades +8 pips atY128.75, as yen underperformance persists. A move through May 17 high of Y129.78 would bring May 9 cycle high of Y131.35 into view. Conversely, bears keep an eye on the 50-DMA/May 24 low at Y127.03/126.36.
  • After hours Tuesday, PM Kishida announced that his team has "put together a grand design for a new capitalism." Its proposals, expected to be approved by the Cabinet on June 7, are centred around making Japan's economic model more equitable and sustainable.
  • Japan's Q1 capital spending & company profits/sales will hit the wires later today.
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