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Yen Didn’t Hold Gains Following Officials FX Comments

JPY

Yen was a mid-range performer on Monday and ended the day down 0.2% against the dollar to 143.46. The yen strengthened to 142.94 following comments by Chief Cabinet Secretary Matsuno that yen stability was important and the authorities are watching the currency closely, but it couldn’t sustain these gains and moved higher to 143.73. The USD index is 0.1% lower.

  • As USDJPY approaches 144 there have been comments regarding the currency and intervention from officials. The last time they intervened was November 10 when USDJPY was around 146.50.
  • USDJPY resumed its uptrend on Friday and thus retains the bullish technical short-term outlook. The next level to watch is 144.40. Initial support is at 141.75.
  • EURJPY is 0.1% lower at 156.53 after an intraday low of 155.75. It recently cleared 151.61, an important bull trigger which confirmed the resumption of the longer-term uptrend. Focus is on 157.53 with key support at 154.05.
  • AUDJPY is down 0.2% to 95.79 but off the intraday low of 95.38.
  • Final April coincident and leading indices are published today.
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