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Fresh YTD Highs For USD/JPY

FOREX

USD/JPY printed a fresh YTD high at ¥151.78, and we sit a touch off those levels at typing. Elsewhere there have been narrow ranges across G-10 FX in Asia today, with little follow through on moves thus far. Cross asset wise US Equity Futures are down, e-minis ~0.5% lower, as Friday's gains were trimmed as tomorrow's US CPI comes into view. US Tsys are pressured but only marginally so, and WTI is ~1% lower.

  • USD/JPY remains technically bullish, resistance comes in at ¥151.72 Oct 31 high and bull trigger and ¥151.95 high 21 Oct 2022. Support is at ¥149.21 low from Nov 3.
  • NZD/USD is a touch firmer, the pair was marginally pressured after the October PSI dipped into contractionary territory. Losses were erased and we sit a touch below the $0.59 handle. NZD/USD has observed a narrow $0.5885/0.5900 range today.
  • AUD/USD is little changed, a narrow $0.6350/70 range has persisted thus far. RBA's Kohler noted that the return of CPI to target is likely to be drawn out. Technically a short term bull cycle remains in play, resistance comes in at $0.6449 and support is at $0.6330 the 76.4% retracement of the Oct 26-Nov 6 rally.
  • Elsewhere in G-10 there have been little moves of note today.
  • The docket is thin for the remainder of Monday's session.
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