• USD/JPY's initial jolt to 146 fades throughout Ldn session

• U.S. court blocks most Trump tariffs. Risk assets rally

• Stronger than expected Nvidia also helping sentiment

• Should further add to carry trade appeal

• As mentioned, positioning is the largest headwind to JPY

• That said, USD/JPY is more dollar led, which has failed to hold gains

• Affirms case that yen downside is likely better expressed on the crosses

• Includes AUD/JPY

• USD/JPY resistance = 147.90 (Bollinger band high), 148.65 (May peak)

• Support = 144.90 (court block announcement), 143.95-144.24 (200-hour MAs)
USDJPY daily chart


USDJPY hourly chart

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)