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EURJPY Prints 150.96 High, Highest Since 2008

FOREX
  • Moves in currency markets on Monday continue to be dominated by the Japanese Yen, comfortably the weakest performer in G10 since Friday’s BoJ Monetary Policy decision. EURJPY has extended its recent rally above the 150.00 handle with the early 150.03 session low confirming the pivot significance.
  • Bear flattening in the US treasury curve, aided by some firmer US ISM data (particularly the prices paid component) is providing a positive backdrop for cross/yen and with it, EURJPY continues to register at the highest levels since 2008 after breaking above the 2014 highs last week.
  • Price action has confirmed a resumption of the technical uptrend and cancels recent short-term bearish threats. The move higher signals scope for a climb towards 151.00 and 152.00, the 1.382 Fibonacci projection of the Mar 20 - 21 - Apr 6 price swing. Moving average studies remain in a bull mode position, highlighting the uptrend.
  • The USD index has held a moderate upward bias on Monday, rising 0.34% as of writing and underpinned by the only notable data point on Monday. For USDJPY, 137 capped the topside for much of the session, however, price has since reached a fresh high of 137.26, further paving the way for 137.91, the Mar 8 high and a key resistance.
  • The Australian dollar is the strongest performer on Monday, with a notable 1.2% advance for AUDJPY, rising to the best levels since March 7 just above the 91.00 handle. This comes in the face off some weaker China PMI data overnight, which in turn has weighed on the offshore Yuan, down 0.4% against the USD.
  • Central banks in focus this week with the RBA meeting kicking the week off on Tuesday. Attention then inevitably turns to Wednesday’s FOMC decision and the ECB on Thursday, before the US employment data to finish the week.
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