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AUDJPY Matches Post-BOJ Highs, Greenback Consolidating

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  • The Japanese Yen remains the poorest performing currency across G10, although price action largely subsided around Friday’s best trading levels for USD/JPY around 130.60. The pair remains below last week’s high of 131.58 and the 20-day EMA, at 131.01 has capped the price action on Monday.
  • Recent activity appears to be a bear flag formation - if correct it reinforces the downtrend and signals scope for a continuation of the trend. A break lower would open 126.81, a Fibonacci projection - the bear trigger is 127.23, the Jan 16 low. On the upside, clearance of 131.58, the Jan 18 high, would be bullish and signal scope for a stronger correction.
  • At the other end, AUD is outperforming amid a more positive tone for equity markets with the main indices firming just under one percent. AUDJPY has risen an impressive 1.65%, and now focuses in on the post BOJ highs and horizontal resistance just below the 92.00 mark.
  • By a small margin, Scandi currencies are also outperforming, putting both SEK and NOK behind the Aussie on the G10 leaderboard, however, macro drivers are few and far between ahead of the APAC crossover.
  • The Chinese Lunar New Year and the beginning of the Fed's pre-rate decision media blackout period have made for a relatively quiet start to the week for the greenback with the USD index trading in marginally positive territory.
  • European and US flash PMIs kick off Tuesday’s docket before the main event’s this week of Wednesday’s Bank of Canada rate decision and the advanced reading of US GDP, due Thursday.
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  • The Japanese Yen remains the poorest performing currency across G10, although price action largely subsided around Friday’s best trading levels for USD/JPY around 130.60. The pair remains below last week’s high of 131.58 and the 20-day EMA, at 131.01 has capped the price action on Monday.
  • Recent activity appears to be a bear flag formation - if correct it reinforces the downtrend and signals scope for a continuation of the trend. A break lower would open 126.81, a Fibonacci projection - the bear trigger is 127.23, the Jan 16 low. On the upside, clearance of 131.58, the Jan 18 high, would be bullish and signal scope for a stronger correction.
  • At the other end, AUD is outperforming amid a more positive tone for equity markets with the main indices firming just under one percent. AUDJPY has risen an impressive 1.65%, and now focuses in on the post BOJ highs and horizontal resistance just below the 92.00 mark.
  • By a small margin, Scandi currencies are also outperforming, putting both SEK and NOK behind the Aussie on the G10 leaderboard, however, macro drivers are few and far between ahead of the APAC crossover.
  • The Chinese Lunar New Year and the beginning of the Fed's pre-rate decision media blackout period have made for a relatively quiet start to the week for the greenback with the USD index trading in marginally positive territory.
  • European and US flash PMIs kick off Tuesday’s docket before the main event’s this week of Wednesday’s Bank of Canada rate decision and the advanced reading of US GDP, due Thursday.