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Yen Unwinds Some Of Friday's Underperformance As Risk Aversion Rises

JPY

USD/JPY sits lower versus NY closing levels from Friday. The pair is outperforming the rest of the G10, as the market trades in a risk off fashion in response to the surprise weekend attack of Israel from Hamas.

  • The pair got close to 149.00 in early dealings, but we now sit slightly higher, last near 149.15. Friday closing levels were just above 149.30.
  • Yen underperformed on Friday's session, losing 0.54%, amid higher US yields post the better headline payrolls print. The USD faltered against the majors elsewhere, with risk appetite broadly firmer in the equity space.
  • Note today Japan markets are closed for a local holiday. This will leave markets on headline watch, gauging broader risk fallout from Middle East conflict risks.
  • For USD/JPY the technical picture hasn't changed. Downside focus is on last Tuesday's low 147.43, while upside resistance above 150.00 remains intact.
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