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Yen Firms In Asia

FOREX

The yen has continued its recent gains in Asia on Friday, USD/JPY is down ~0.3% Thursday's lows have been breached. Elsewhere in G-10 ranges have been narrow with little follow through.

  • USD/JPY prints at ¥137.60/70, the next resistance level for the pair is ¥137.36 50.0% retracement of Mar 24 - Jun 30 bull leg. The Yen benefited from speculation from a report in Yomiuri that the BoJ will likely raise the FY23 Inflation forecast above 2%.
  • Kiwi is marginally firmer, benefitting from some spillover in the Yen bid and higher regional equities. Local markets have been closed for the observence of a national holiday today. NZD/USD sits a touch above the $0.64 handle having marginally pared gains.
  • AUD/USD is little changed, The pair last prints at $0.6885/90, resistance comes in at $0.69 and support is at $0.6784 the low from Jul 13. There has been little reaction thus far to the appointment of Michele Bullock as the next RBA Governor.
  • Elsewhere in G-10 EUR is marginally firmer and GBP is a touch pressured.
  • Cross asset wise; BBDXY is down ~0.1% and Hang Seng is up ~0.3%. US Tsy Yields are a touch firmer across the curve.
  • There is a thin docket in Europe today, further out the latest UofMich Consumer Sentiment headlines.
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