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FOREX: USDJPY Posts Firm 1% Bounce As US Yields Retrace Higher

FOREX
  • The story of the day for G10 currencies was another impressive near-200 pip range for USDJPY. Yesterday’s pressure on the pair extended overnight, culminating in a 153.60 low print. However, with core fixed income markets partially reversing prior gains, USDJPY rallied strongly throughout the session and consolidates back above 155.00 as we approach the APAC crossover.
  • 156.74, the May 14 high and 157.00, a Fibonacci retracement as the key short-term levels on the topside.
  • AUD trades poorly on Thursday, modestly underperforming G10 peers on the back of the jobs data out overnight. Data showed the unemployment rate unexpectedly ticking higher to 4.1% vs. Exp. 3.9%. AUDUSD faded off a new cycle high of 0.6714 and short-term support is noted at $0.6622, however, short-term trend conditions remain pointed higher for now.
  • With EURUSD trading sharply higher Wednesday, the move highlights a clear bear channel breakout - price is through the top of at 1.0829 and the channel is drawn from the Dec 28 high. The break signals scope for a climb towards 1.0933, a Fibonacci retracement. Above here, 1.0981, the Mar 8 high, represents a key resistance.
  • Chinese industrial production and retail sales data marks the key Friday release, before the focus turns to the final reading of Eurozone CPI and any further commentary from Fed officials.
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