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Cross/JPY Suffers As Equity Indices Turn Lower

FOREX
  • The Japanese Yen was in favour on Tuesday as benchmark US indices fell roughly 0.5% on Tuesday ahead of US CPI data tomorrow.
  • USDJPY will likely complete a fourth consecutive negative trading session, slipping through the 113 support for the first time in four weeks. Despite primary trend conditions remaining bullish, a sustained break of this support zone would signal scope for a deeper pullback and open 112.08, Sep 30 high.
  • With sentiment in equity markets slightly on the backfoot, AUD and NZD came under pressure, exacerbating the moves lower in AUDJPY and NZDJPY to close to 1%.
  • Following a similar haven supportive theme, the Swiss Franc also gained roughly 0.3%. Overnight, EURCHF matched the Monday high of 1.0598 before consistent selling dragged the pair back to 1.0550 and within close range of the recent lows at 1.0534.
    • The move is worth noting, given recent commentary has been focusing on the key 1.0505 level. This has been garnering increased attention among market participants with the level providing crucial support following the onset of the pandemic in early 2020.
  • Broad dollar indices remained steady ahead of tomorrows US data, emphasised by EURUSD trading blows either side of the 1.16 handle throughout the session.
  • Potential comments later this evening from BOC Governor Tiff Macklem, before China CPI and PPI data overnight. US Consumer Price data headlines the Wednesday US docket.
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