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G10 Ranges Contained, Lower US Yields Weighing on USDJPY

FOREX
  • Very narrow ranges for major currency pairs on Tuesday, with the likes of EURUSD and GBPUSD continuing to operate within 25 pip ranges. However, lower US yields in recent trade are moderately weighing on the greenback. This sees USDJPY edging back towards session lows of 150.12.
  • No change for the USDJPY trend outlook which remains bullish, and the latest pause appears to be a bull flag formation. A resumption of the trend would pave the way for a climb towards 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance.
  • On the downside, initial firm support lies at 149.41, the 20-day EMA. A break would signal scope for a correction towards 148.01, the 50-day EMA.
  • US durable goods is next on the schedule with the obvious focus this week on Thursday’s January PCE deflator. In Japan, industrial production and retail sales data will cross later in the week.
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