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Yen Defies Higher US Yields, Weaker Equities Providing Some Support

JPY

USD/JPY is close to session lows, last near 144.20. Lows for the session sit at 144.18, while in NY trade on Wednesday we got just under 144.10. At the start of the week support was evident around the 144.00 region. Still, we are some distance away from the 20-day EMA, just under 142.90, then 142.09 represents a former bull channel top. The 14 day RSI has edged down from recent highs, but remains elevated.

  • Yen strength comes despite further US yield gains today. The 2yr is above 4.96%, the 10yr is close to 3.96%, both fresh highs from mid March this year.
  • An offset is coming from the weaker equity market tone, with regional bourses lower and US futures also ticking down. Still, yen outperformance against the likes of AUD and NZD remains fairly modest for the session so far.
  • The threat of further Fed rate hikes, per the Fed minutes released on Wednesday, one of the drivers of broader market sentiment in Thursday's Asia Pac session.
  • Tomorrow in Japan we get May cash and labor earnings data, which will be an important input into the July BoJ outcome.
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