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Yen Gives Up Gains Against USD But Outperforms G10

JPY

USDJPY gave up its gains on Tuesday after reaching 129.52, a near 7-month low, as the dollar strengthened (DXY +1.1%) but still outperformed the rest of the G10. It is now trading around 131.01. The yen strengthened as expectations for the BoJ’s inflation forecasts became increasingly hawkish.

  • USDJPY breached support and the bear trigger of 130.58 on Tuesday and confirms the resumption of the downtrend. Lower lows and lower highs can now be expected. The next support to watch is 129.51, the June 2 low. Key short-term resistance is 134.50, the December 28 high.
  • JPY is also stronger against the euro and broke through the bear trigger of 138.81 yesterday. The yen held onto most of its gains and EURJPY is now trading around 138.18.
  • Today the final Jibun Bank manufacturing PMI for December prints.
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