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Yen Extends Gains Thursday

JPY

Lower crude oil prices and broader reluctance to take more risk allowed USD/JPY to extend its pullback from recent cycle highs Thursday, with the pair continuing its unwind from overbought conditions. Latest developments surrounding Russia's invasion of Ukraine and resultant tensions with the West weighed on sentiment.

  • USD/JPY deals +15 pips at Y121.85 at typing as the yen has shown some weakness in early Tokyo trade. A break above Mar 30 high of Y123.20 would bring Mar 28 cycle high of Y125.09 back into focus. Bears look for sales past Mar 31 low of Y121.28 before taking aim at Mar 24 low of Y120.95.
  • Focus moves to Japan's quarterly Tankan surveys as well as the final reading of Jibun Bank M'fing PMI today.
  • Earnings/spending data (Tuesday) as well as BoP current account balance (Friday) will take focus next week.
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