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Fresh YTD Highs On Monday, Q2 GDP On Tap


USD/JPY prints at ¥145.50/60, the pair was ~0.4% firmer on Monday.

  • Rising US Tsy Yields weighed on the Yen yesterday, USD/JPY printed its highest level since November with the pair at prices at which the Japanese authorities previously intervened.
  • The JPY trade-weighted index has hit new cycle lows, clearing levels seen in early July. We now sit at levels not seen since the 1980s.
  • Technically the up-trend remains intact. Bulls target ¥145.69, 1.618 projection of Jul 14-21-28 price swing, and ¥146.38, 1.764 projection of Jul 14-21-28 price swing.
  • On tap today we have the preliminary print of Q2 GDP, headline GDP is expected at 0.8% Q/Q.

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