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Yen Firms, But Underperforms Broader USD Weakness, Busy Data Day Today

JPY

USD/JPY drifted lower post the Asia close, amid broad based USD losses, although dips sub 149.20 were supported. The pair tracks around 149.30 currently, after yen rose 0.21% for Thursday's session. This lagged broader USD losses, as the BBDXY fell 0.42% for the session.

  • Despite the pullback on Thursday, focus remains on the upside for the pair, with the 150.00 level still within striking distance. The 20-day EMA sits back near 148.00, while firm support should be evident at 145.91, the Sep 11 low.
  • Former top FX official Eisuke Sakakibara (so called 'Mr Yen') stated that the authorities may step into the FX market if USD/JPY breaches 150.00, while a move to 155 would see the authorities worry. He expects next year to be more constructive for the yen, as the Fed outlook should change.
  • Yen benefited from the US yield pullback on Thursday, although underperformed some other higher beta plays as equity sentiment rebounded. AUD/JPY is back close to 96.00, versus recent lows sub 94.80.
  • Today's data calendar is busy with September Tokyo CPI out. The market expects headline and core measures to ease in y/y terms (headline to 2.7%, core 2.6%). Also out is jobs data, retail sales, IP, consumer confidence and housing starts.
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