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Cross/JPY Printing Session Highs, EURJPY Eyes 143.63 Resistance

JPY
  • With core fixed income under pressure and equities off the lows, pressure on the Japanese Yen is resuming and is the notable underperformer for Monday’s session.
  • USDJPY (+0.70%) has had a solid bounce from the overnight 130.41 lows, however, the slightly more optimistic backdrop has more notably supported the crosses with CADJPY leading the way, rising 1.3% to start the week.
  • Elsewhere, EURJPY trades buoyantly and technically eyes the key short-term resistance at 143.63 where a break is required to reinstate the bullish theme.
  • Note that moving average studies remain in a bull mode set-up - this suggests the latest pullback has been a correction. A break of 143.63 would initially open 143.98, 76.4% of the Mar 2 - 20 bear cycle.
  • Outgoing Bank of Japan Governor Kuroda is due to speak on Tuesday at the FIN/SUM 2023, in Tokyo. Additionally, BOJ Core CPI data will be published before Tokyo Core CPI & activity data are published on Friday. Friday will also see the release of China PMIs and US Core PCE price index data, a potential focus for global markets.
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