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Yen Moves Away From Multi-Week High Wednesday

JPY

USD/JPY ground higher Wednesday as global equity markets showed some resilience. The rate ripped through the Y127.00 mark but failed to test the prior day's high.

  • When this is being typed, USD/JPY trades -11 pips at Y127.21. Bearish focus moves to May 24 low of Y126.36 and a break here would expose the 50-EMA at Y126.00. Conversely, bulls would be pleased by a rally towards May 17 high of Y129.78.
  • BoJ Gov Kuroda noted that the recovery in demand has been slower in Japan than in the U.S. and Europe. He noted that a common challenge for central banks now is how to adapt to elevated uncertainties over geopolitical risks.
  • On the data front, Friday's Tokyo CPI headlines the local docket during the remainder of this week.
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