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FOREX: USDJPY Printing Fresh Session Highs Above 151.10 as Bull Cycle Extends

FOREX
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  • With the moves in currency markets continuing to be driven by core yields, the latest leg higher has supported a solid rebound for USJDPY late Tuesday, with the pair now printing fresh session highs above 151.10. The Japanese yen is once again the poorest performing major.
  • Price action maintains a firmer tone and bullish signals remain intact for USDJPY having extended the rally above the 50-day EMA. The recent break of this average marked a bullish development highlighting a stronger reversal and sights are now on 151.94, the Jul 25 low. The move higher also sets the scene for an extension towards 153.40, the 61.8% retracement point of the downleg posted off the July 3rd high. Initial firm support to watch moves up to 147.42, the 50-day EMA.
  • A reminder that in Japan, snap legislative elections for all 465 seats in the House of Representatives will be held this Sunday.
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  • With the moves in currency markets continuing to be driven by core yields, the latest leg higher has supported a solid rebound for USJDPY late Tuesday, with the pair now printing fresh session highs above 151.10. The Japanese yen is once again the poorest performing major.
  • Price action maintains a firmer tone and bullish signals remain intact for USDJPY having extended the rally above the 50-day EMA. The recent break of this average marked a bullish development highlighting a stronger reversal and sights are now on 151.94, the Jul 25 low. The move higher also sets the scene for an extension towards 153.40, the 61.8% retracement point of the downleg posted off the July 3rd high. Initial firm support to watch moves up to 147.42, the 50-day EMA.
  • A reminder that in Japan, snap legislative elections for all 465 seats in the House of Representatives will be held this Sunday.