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Yen's Plight Continues With Multi-Year Lows In Sight

JPY

The yen's woes continued on Tuesday, with USD/JPY extending its uninterrupted winning streak to seven days. Reduced demand for safe havens and the prospect of growing Fed/BoJ policy divergence provided headwinds for the Japanese currency.

  • A former BoJ official told Bloomberg that a further depreciation of the yen might trigger a shift in the central bank's messaging, even as "there is no way the BoJ will look at moves to normalise policy."
  • Japan's monthly trade deficit narrowed to Y668.3bn in February from Y2.1935bn prior, with consensus looking for a shortfall of Y150.0bn.
  • Focus in Japan moves to final industrial output (today), core machine orders (Thursday) as well as national CPI & BoJ MonPol decision (Friday).
  • USD/JPY trades at Y118.42, up 12 pips on the day, with yesterday's five-year high of Y118.45 providing the initial bullish target. Above there opens key resistance from Jan 3, 2017/Dec 15, 2016 highs of Y118.60/66. Conversely, bears look for a pullback under Mar 14 low of Y117.28.
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