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Yen Turns Tail

JPY

The yen went offered Thursday as a hawkish rate hike from the BoE and a hawkish hold from the ECB set them apart from Japan's stubbornly dovish central bank. The monetary policy decisions from two of Europe's major central banks came after BoJ Dep Gov Wakatabe, who reiterated that the Bank is not considering any policy tightening.

  • USD/JPY has inched higher this morning, as U.S. tech equity space regained poise, owing to strong earnings reports from Snapchat and Amazon. The rate has shown above yesterday's peak.
  • USD/JPY last sits at Y115.01, up 4 pips on the day. A break above the 76.4% retracement of the Jan 4 - 24 downleg/Jan 28 high at Y115.67/68 would please bulls, while bears look for a fall through Feb 2 low of Y113.47.
  • Tokyo Metropolitan Government confirmed that it is drafting guidelines for seeking a Covid-19 state of emergency, accounting for the characteristics of the Omicron variant. Elsewhere, latest press reports pointed to the potential for an extension to quasi-emergency covering 14 prefectures, with the decision expected to be announced next week.
  • Next week's data highlights include earnings/spending figures, BoP current account balance & Eco Watchers Survey (Tuesday), flash machine tool orders (Wednesday) & PPI (Thursday).
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