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Feb 04 - 09:55 PM

USD/JPY - Off Leg On Lower US Rates, As Trade Concerns Ease?

By Haruya Ida  —  Feb 04 - 07:41 PM

• USD weaker on a broad front overnight, leads to leg down in USD/JPY

• Unsure whether easing concerns over US trade tariffs warranted

• US yields also easier, Treasury 2s @4.227%, 10s @4.526%, JGB yields firmer

• More narrowing of Japan-US interest rate differentials, in 10s @322 bps now

• USD/JPY from 155.52 to 154.18 yesterday, Asia 154.04-45 EBS so far

• Recent dips have seen support sub-154.00, multiple lows to 153.72 Jan 27

• Daily Ichimoku cloud between 153.37-155.20 providing cushion of sorts

• 200-DMA below at 152.80, 100-DMA at 152.74

• Decent demand eyed at today's Gotobi Tokyo fix, mix of importers, others

• Option expiries supportive too, 153.15-25 total $2.2 bln, 154.00 $1.3 bln

• Topside expiries today 155.00-20 total $613 mln, 155.60-62 $930 mln

• Plenty of US-Trump news again for market to digest

• Related comments , , ,

• Also , Fed-speak , on US economic data

• US markets , , ,

• Trump news , , and
USD/JPY:


USD/JPY nearby option expiries this week:


JGB-US Treasury 10-year interest rate differential:


(Haruya Ida is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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