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18 May 2021

USD/JPY continues to trade in the negative territory around 109.00

  • USD/JPY is falling for the fourth straight day on Tuesday.
  • 10-year US Treasury bond yield is down nearly 1%.
  • Broad-based USD weakness doesn't allow USD/JPY to rebound.

The USD/JPY pair touched its lowest level in nearly a week at 108.86 on Tuesday and seems to be having a difficult time staging a convincing recovery. As of writing, the pair was down 0.22% on a daily basis at 108.95.

Falling US T-bond yields hurt USD

At the start of the week, the pair struggled to make a decisive move in either direction as the risk-averse market environment helped the JPY stay resilient against the greenback. On the other hand, a more-than-1% increase seen in the benchmark 10-year US Treasury bond yield allowed the pair to limit its losses. 

With the 10-year US T-bond yield losing 0.8% ahead of the American session on Tuesday, the greenback struggles to find demand and causes USD/JPY to remain on the back foot. Reflecting the broad-based USD weakness, the US Dollar Index is losing 0.44% on the day at 89.80. 

Later in the session, April Housing Starts and Building Permits will be featured in the US economic docket. Earlier in the day, the data from Japan showed that the annualized Gross Domestic Product (GDP) shrunk by 5.1% after growing by 11.6% in the last quarter of 2020. This reading came in worse than the market expectation for a contraction of 4.6% but failed to trigger a meaningful market reaction.

Meanwhile, the S&P 500 Futures trade in the positive territory, suggesting that risk flows could continue to dominate the financial markets in the second half of the day and force USD/JPY to continue to fluctuate in its daily range.

Technical levels to watch for

 

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