Japanese Yen: Oil shock weighs JPY against US Dollar – Scotiabank
Oleh FXStreet Insights Team
Dikemas kini: 8 Jul 2026
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Scotiabank strategists Shaun Osborne and Eric Theoret highlight renewed weakness in the Japanese Yen (JPY), which is underperforming G10 peers and threatening fresh multi-decade lows as USD/JPY trades at levels last seen in 1986.
Scotiabank strategists Shaun Osborne and Eric Theoret highlight renewed weakness in the Japanese Yen (JPY), which is underperforming G10 peers and threatening fresh multi-decade lows as USD/JPY trades at levels last seen in 1986. They stress that surging Oil prices are a clear downside risk via Japan’s terms of trade, while the chart offers little guidance on resistance after the recent powerful rally.
Multi-decade highs and downside risks
"The yen is soft, down 0.2% vs. the USD and underperforming most of the G10 currencies into Wednesday’s NA session."
"The renewed weakness is worrisome following last week’s failed recovery and the yen looks to be threatening a break to fresh multi-decade lows."
"The latest resurgence in geopolitical tensions presents a clear downside risk for the yen, as surging oil prices deliver a crushing blow to Japan’s terms of trade."
"The USD/JPY chart offers little clarity in terms of framing major resistance levels, given that the recent rally has delivered a push to fresh multi-decade highs reached levels last seen in 1986."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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