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Greenback Loses Altitude, USDJPY Reapproaches 142.00

FOREX
  • Losses for the greenback ahead of the NY crossover have been consolidated during US hours, with the USD index registering a 0.45% loss on Thursday, and likely posting its lowest close since July 31. The moderate recovery for equities has underpinned 1% gains for the Australian dollar, as well as the Japanese Yen extending its recovery from the post-BOJ lows.
  • Yesterday we noted that the uptrend for AUDUSD remains firmly intact and Tuesday’s gains reinforced current conditions. This marked an extension of last week’s move higher and the break of resistance at 0.6691, the Dec 4 high and a bull trigger. Overall, scope was seen for a climb for a climb towards the 0.6800 handle, which has largely been achieved. Next levels on the topside are 0.6821, the Jul 27 high, and then 0.6900, the Jun 16 high and a key resistance.
  • For USDJPY, following the post-BOJ bounce for USDJPY to a 144.96 high, the pair has since slipped an impressive 280 pips and now finds itself trading comfortably below the pre-central bank meeting levels. With this, spot is down just under 1% on the session, briefly printing a fresh low for the week at 142.05.
  • From a technical standpoint, the aforementioned USDJPY recovery from 140.97, the Dec 14 low, appears to be a correction. The most recent weakness has reinforced current bearish conditions. On Dec 14, the pair breached support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend that started on Nov 13. Sights are on 140.71, a Fibonacci retracement point.
  • Japan National Core CPI for November is due overnight, as well as the BOJ minutes. Finishing off the week, US PCE deflator, personal spending, durable goods and UMich sentiment & expectations data are all scheduled.
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