USDJPY today erased Wednesday's late bounce from a one-month low as it posted a slight decline around 133.00, down for the second straight day since Thursday morning. Based on the latest information we summarize from the official website fxstreet.com, the Yen pair ignored the lag in the latest bond yields, and efforts from global policymakers to calm financial market concerns due to the Credit Suisse crisis factor.
USD JPY news today
The reasons are attributed to upbeat Japanese data and lack of confidence in the Fed’s hawkish bias. Japan’s machinery orders+ in January were up by 9.5% month-on-month against previous expectations of 1.8% and 1.6%, coupled with a rise in the total Merchandise Trade Balance by -897.7 billion yen versus analysts’ previous estimate of -1,069.4 billion yen and the previous estimate of -3,498.6 billion USD/JPY. Elsewhere, Reuters headlines suggesting Credit Suisse is eyeing a CHF50 billion loan from the SNB to bolster liquidity gained major attention allowing USD/JPY to take a breather. On the same lines, anonymous sources reported that US banks are less vulnerable to a Credit Suisse debacle. Moreover, emergency talks from the BoE and market chatter suggesting no immediate negative reaction from the Fed and ECB during their policy meetings also seemed to tame the earlier risks. While reflecting the mood, the US S&P 500 rose 1.5% to reverse the previous day’s losses around 3,940, while the 10-year Treasury yield held steady around 3.49% after falling in four months on Wednesday. Reportedly, the 2-year Treasury bond yield also managed to halt its decline around 3.96% after plunging to the lowest level since September 2022. Looking ahead, Japan’s industrial production and capacity utilization will precede the second-tier US data on manufacturing activity, housing, and employment to direct the intraday movement of the USD/JPY pair. Though, headlines surrounding Credit Suisse, Silicon Bank Valley, Signature Bank, and the bond market’s reaction to the same will be crucial for a clear direction going forward.
USD JPY Technical Analysis Today
The 50-DMA is positioned at the bottom below the USD/JPY pair price around 132.50, amidst the MACD bearish signal, which in turn suggests limited downside room for the Yen pair.
This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.
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