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FOREX: USDJPY Extending Weakness Below 20-Day EMA

FOREX
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  • Latest headlines weighing further on USDJPY in recent trade as the pair builds momentum below the weekly lows and briefly prints 152.99. Also worth noting we have broken below the 20-day exponential moving average which has helped to underpin the price action in recent weeks.
  • A daily close below the average could signal scope for a deeper correction towards both the 50-day EMA and the November lows, situated between 151.35/55.
  • Pricing for a December BOJ hike has inched up, as latest rhetoric keeps the door open for an imminent move. Goldman Sachs have noted they still look for the next move in January. They look for USDJPY to extend its gradual grind higher towards 159 over the next 12 months, with risks skewed towards further upside if the market’s more hawkish Fed path proves correct.
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  • Latest headlines weighing further on USDJPY in recent trade as the pair builds momentum below the weekly lows and briefly prints 152.99. Also worth noting we have broken below the 20-day exponential moving average which has helped to underpin the price action in recent weeks.
  • A daily close below the average could signal scope for a deeper correction towards both the 50-day EMA and the November lows, situated between 151.35/55.
  • Pricing for a December BOJ hike has inched up, as latest rhetoric keeps the door open for an imminent move. Goldman Sachs have noted they still look for the next move in January. They look for USDJPY to extend its gradual grind higher towards 159 over the next 12 months, with risks skewed towards further upside if the market’s more hawkish Fed path proves correct.