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Yen Outperforms On Core Yield Pull Back, EUR/JPY Tests 100-day MA Support

JPY

Yen was the only G10 currency to hold steady against the USD for Tuesday's session. The pair tracks near 147.15 in early Wednesday trade, outperforming on all major crosses.

  • We did see dips sub 146.60 in the NY session as US yields pulled back amid weaker data. However, this proved to be short lived.
  • In terms of levels, on the topside, yesterday’s highs at 147.45 represent a short-term target, however, more notable key short-term resistance does not come in to play until 148.51, the Nov 30 high. Recent lows rest at 146.23.
  • Dovish ECB speak also aided yen outperformance against the EUR, and contributed to a broader core yield shift lower. EUR/JPY tested sub its 100-day MA (158.72) but sits slightly higher now, last near 158.90.
  • Equity sentiment was mixed, which also aided yen outperformance against higher beta plays, particularly the AUD. AUD/JPY is back to 96.40/45, not too far off mid Nov lows near 96.00.
  • The local data calendar is empty today.
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