USD/JPY refreshes monthly bottom below 109.00 as US Treasury yields recover

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wisepowder

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USD/JPY stays depressed for the fifth consecutive day despite the latest bounce off intraday low of 108.61, also the lowest in three weeks, on
Fridays Tokyo open. While upbeat Tankan survey data could be cited as a
supportive catalyst to the Japanese yen, the recent strength in the US
Treasury yields and headlines suggesting US-Japan talks seems to have
weighed down the yen pair.To get more news about WikiFX, you can visit wikifx.com official website.

As per the latest Reuters Tankan poll, Sentiment among Japanese
manufacturers strengthened to a more than two-year high in April. The
data also justifies recently upbeat figures from the Asian major that
backs Bank of Japans (BOJ) cautious optimism. Even so, the BOJ
policymakers stay ready to further ease monetary policy if needed as
fears of the coronavirus (COVID-19) resurgence loom over Tokyo.

On the other hand, US President Joe Biden and Japanese Prime Minister
Yoshihide Suga as up for a meeting in the White House around 13:30 GMT
on Friday. As per the latest update from the US Administration official,
conveyed by Reuters, “Biden and Suga to talk in-depth about China.” The
official also mentioned that the national leaders will meet one-on-one
before their aides join talks. Additionally, chatters surrounding the $2
billion initiative on 5G technology were also loud.

Given the US-China tussle, Washington‘s discussion with Tokyo may push
Beijing towards re-conveying his anger on American politics. Also
likely challenging the previous risk-on mood could be the US sanctions
on Russia and Bloomberg’s piece suggesting a longer ban on the Johnson
& Johnson vaccines usage.

Amid these plays, US 10-year Treasury yields gain four basis points
(bps) from the one-month low flashed the previous day whereas Japans
Nikkei 225 rise 0.21% and S&P 500 Futures struggle for a clear
direction near the record top.

Looking forward, the policymakers meeting in the US and American
consumer sentiment survey data will be important to watch for fresh
impulse. However, the key will be the US bond moves. Although a
two-week-old downward sloping trend line near 109.30 guards short-term
upside of USD/JPY, the pair sellers need to break an ascending support
line from March 10, near 108.55 to take fresh entries.

Posted 17 Apr 2021

Posted 23 Aug 2021

Posted 03 Sep 2021

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Posted 08 Oct 2021

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