Analysts at Scotiabank JPY is up vs. a struggling USD and outperforming all of the G10 currencies along with gold.
Key Quotes:
“Sentiment remains dominant in the context of intensifying risk aversion and weakness across most global equity indices.”
“The decline in U.S. yields is pressuring yield spreads in a JPY-supportive manner and once again lifting the premium for protection against JPY strength.”
“We note the importance of near-term USD/JPY support at the 50 day MA.”
“EUR/JPY also appears vulnerable as it pushes back toward its recent low just under 128.50.”
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