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Free AccessYen Gains Extend, 50-day EMA Not Too Far Away
USD/JPY weakness has extended, with the pair slipping to 148.64, fresh lows back to Feb 8. We have stabilized somewhat since, last near 148.70, still 0.45% stronger in yen terms.
- The latest round of yen strength followed a BBG headline: *SOME GOVT OFFICIALS ARE SAID TO SUPPORT NEAR-TERM BOJ LIFTOFF.
- The article didn't shed fresh light on timing around March versus April in terms of the BoJ exit from NIRP. Still, it is the latest in a round of articles/speculation on the matter, which have risen this past week.
- Headlines from board member Nakagawa are also crossing at the moment, with wages and unconventional policy in focus. Note Japan's biggest union federation will announce the result of annual wage negotiations on March 15 (BBG). The next BoJ meeting is scheduled for March 19.
- Later today we have Governor Ueda before parliament just after 3pm local time.
- For USD/JPY the 50-day EMA sits back at 148.51, as the next support zone to watch. Note as well a chunky option strike at 148.25 for notional 1.13 bn (USD call, JPY put) expires on the 12th of March.
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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.