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FOREX: Equity Bounces Helps USD/JPY Progress Toward Resistance

FOREX
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  • The JPY is offered early Monday, helping undo a large part of the correction lower off post-payrolls highs. As a result, USD/JPY is making good progress toward the Friday high of 144.01, and a break above here exposes next resistance of 144.23, the September 5th high.
  • Equity futures are mixed, with a soft Asia-Pac session countered by general strength in European shares. The Eurostoxx 50 future is higher by 1.1% at typing, staging the beginnings of a bounce off last week's pullback low. For now, a real recovery in risk is stalling below the 200-dma in the index at 4832.90.
  • The weaker JPY is aiding a recovery in the greenback, with the USD Index again above 101.50. The firming USD is evident against most others in G10 with the exception of CAD, as USD/CAD fails on the test of the 200-dma at 1.3587 last week, re-orienting the focus back lower.
  • US wholesale inventories and trade sales numbers are next on the schedule, with the NY Fed's 1-year inflation expectations metric also set for release. There are no central bank speakers of note after the late run of Fed members last week, and the ECB remain inside their pre-decision media blackout period.
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  • The JPY is offered early Monday, helping undo a large part of the correction lower off post-payrolls highs. As a result, USD/JPY is making good progress toward the Friday high of 144.01, and a break above here exposes next resistance of 144.23, the September 5th high.
  • Equity futures are mixed, with a soft Asia-Pac session countered by general strength in European shares. The Eurostoxx 50 future is higher by 1.1% at typing, staging the beginnings of a bounce off last week's pullback low. For now, a real recovery in risk is stalling below the 200-dma in the index at 4832.90.
  • The weaker JPY is aiding a recovery in the greenback, with the USD Index again above 101.50. The firming USD is evident against most others in G10 with the exception of CAD, as USD/CAD fails on the test of the 200-dma at 1.3587 last week, re-orienting the focus back lower.
  • US wholesale inventories and trade sales numbers are next on the schedule, with the NY Fed's 1-year inflation expectations metric also set for release. There are no central bank speakers of note after the late run of Fed members last week, and the ECB remain inside their pre-decision media blackout period.