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Another Day, Another Fresh Cycle High For USD/JPY

JPY

A downtick for U.S. Tsy futures and uptick for oil gives JPY crosses a reason to tick higher in low liquidity trading conditions. That has allowed USD/JPY to add ~25 pips as of typing, with the cross operating just shy of its fresh cycle peak, situated at Y126.73. Bulls now eye the 3.618 projection of the Dec 3 ’21-Jan 4 ’22-Jan 24 ’22 price swing as the next area of key resistance (Y127.16). Technical momentum remains with the bulls, even though the prevailing underlying condition is overbought. There isn’t anything in the way of focal points when it comes to Monday’s Japanese docket, which will leave wider headline flow and swings in the U.S. Tsy & oil markets at the fore.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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