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EURJPY Rises Above 150.00, Highest Since 2008

FOREX
  • Moves in currency markets on Friday were dominated by the Japanese Yen, comfortably the weakest performer in G10 following the latest BoJ Monetary Policy decision. USDJPY (+1.67%) rose back above 136.00 to print as high as 136.56, a seven-week high for the pair. More notably, EURJPY (+1.52%) breached the 150.00 mark for the first time since 2008 after breaking above the 2014 highs and reaching 150.43.
  • The BoJ removed reference to Covid in its forward guidance. It also removed reference to rates in terms of the guidance (expecting rates to remain at low or present levels was left out), but the Bank left in that is prepared to take further easing measures if necessary. The BOJ will also conduct a review, which is expected to take 1-1.5 yrs.
  • The USDJPY rally initially pulled the USD index higher and some further greenback strength was seen following the firmer employment cost index data and an in-line set of PCE figures. However, an extension of strength for major equity indices throughout the US session weighed on the greenback which saw the DXY pare those gains.
  • Moves/position squaring may have been exacerbated heading into month-end where there was a notable rally for GBPUSD. Cable has breached 1.2546, the Apr 14 high and the technical bull trigger. Clearance of this level would resume the uptrend and open 1.2599, the Jun 7 2022 high. Moving average studies remain in a bull mode position, highlighting the uptrend. Above here we have 1.2667, the May 27 2022 high.
  • After a Uk/Europe bank holiday on Monday, US ISM manufacturing data is scheduled. The focus then inevitably turns to Wednesday’s FOMC decision where a 25bp hike could mark the end of the Fed’s hiking cycle. Next week, we also have the RBA & ECB meetings as well as Friday’s release of non-farm payrolls.
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