REFILE-BUZZ-COMMENT-USD/JPY struggles to hold 150 as tariffs sully mood
Adds charts, fixes signoff
USD/JPY bears are likely to remain in control as long as U.S. tariff threats and other uncertainties emanating from Washington D.C. unsettle markets.
Yen crosses fell after U.S. President Donald Trump said in a social media post that proposed tariffs on Mexico and Canada will take effect on March 4, with an additional 10% tariff on China also starting that day. AUD/JPY dropped to 93.36, its low close for 2024, and EUR/JPY, a popular short in the market, turned negative.
Despite a surge in algorithmic trading volumes, the stability in USD/JPY suggested that short-covering was likely prevalent as February came to a close. USD/JPY reached a high of 150.15 before retreating once the S&P turned lower.
The link between U.S. equity market weakness and USD/JPY selling in New York will be tested in the coming sessions as new data becomes available. Key highlights include Friday's PCE report, an ISM reading for February, weekly jobless claims, and the crucial jobs report. Tokyo CPI will also be closely watched on Friday to gauge the path for Bank of Japan tightening.
The reaction of equities to the data will likely determine which side of the 148-152 range USD/JPY will break, especially now that the option expiry list has thinned.
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