Free Trial

Yen Falters To New YtD Low

JPY

USD/JPY climbed to a fresh YtD high of Y111.10 Wednesday, but then erased gains amid a spike in JPY futures volumes. The rate regained poise in U.S. hours, edging back towards the Y111.00 mark. The yen finished the day as the worst G10 performer, struggling amid firmer commodity prices.

  • BoJ Gov Kuroda met with PM Suga yesterday, but offered little of note re: the substance of the talks.
  • Japan has met PM Suga's target to vaccinate 1mn people on a single day. The milestone was reached on Jun 14.
  • Today's speech from BoJ Gov Kuroda and Friday's release of monthly Tokyo CPI headline the local docket during the remainder of this week.
  • USD/JPY trades flat at Y110.96 as we type. A break above yesterday's cycle high of Y111.10 would open up the upper 1.0% 10-DMA envelope at Y111.48. Bears look for a dip through Jun 21 low of Y109.72, before taking aim at the 50-DMA at Y109.30.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.