💹 USD/JPY Breaches 200DMA: Cable FX Macro

• The yen is leading the G10FX on Thursday session, relative strength reflects a shift in expectations of BoJ monetary policy

• USD/JPY is trading lower by 2.6% after dropping by almost 4% on the day, the spot reached the lowest level since December 2022 and breached its 200DMA (yellow line)

• G10FX/USD is higher on the day, except for the CAD. Softer dollar tone can be derived by lower front-end yields. U.S. Treasury curve twist steepens on the day as the 2-year yield drops by 1.7bps to 4.576%