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Greenback Moderately Weaker, JPY Under Pressure Ahead Of US CPI

FOREX
  • The USD index is moderately lower on Monday, amid some optimism across major equity indices ahead of the key event risk for the week on Tuesday in the form of US CPI. The Japanese Yen is set to post standout losses on Monday with the currency weaker against all others in G10.
  • The firmer sentiment in equity markets this afternoon has lent underpinned cross/JPY support, with notable advances of around 1.5% for the likes of AUDJPY, NZDJPY and GBPJPY.
  • USDJPY has briefly traded above the 50-day EMA, at 132.77, an average that represents a key short-term level. A sustained break is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high.
  • In EURJPY, attention is on 142.99, the Feb 6 high, where a break would confirm a continuation of the recovery that started on Jan 3.
  • Markets look to Tuesday for short-term impetus, with the key January US CPI report in focus. Analysts look for CPI to slow to 6.2% Y/Y, and 5.5% for the core metric.
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