The Japanese Yen (JPY) is weak, down 0.9% against the US Dollar (USD) and underperforming all of its G10 peers with the exception of GBP, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
JPY is unable to capture havenrelated support
“Broader developments are dominating and the focus on fiscal developments and long-term bond yields is limiting the JPY’s ability to benefit from its typical safe haven role. There have been no major domestic releases and this week’s highlight will be the labor cash earnings data scheduled for Friday.”
“In terms of the BoJ, comments from Deputy Gov. Himino were hawkish but lacked specificity in terms of timing around rate hikes. For USD/JPY, we look to potential near-term resistance around the 200 day MA (148.88) and look to support around the 50 day MA (147.1).”
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